Axelerated Solutions for Information and Communication Technology Co. has renewed its Shariah-compliant banking facilities worth 30 million Saudi riyals ($8.2 million) with Bank AlJazira.

The facilities have been extended until August 27, 2026.

The credit facilities will be used to finance new contracts, and issue letters of credit and guarantees.

A promissory note equal to the value of the facilities has been issued as collateral, the company said. 

(Editing by Seban Scaria seban.scaria@lseg.com)