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Saudi Arabia’s Quara Finance has secured a credit facility worth SAR 100 million ($26.6 million) from SHL Finance Co., a related party.
The three-year Shariah compliant facility is expected to boost Quara Finance’s sales volume, aligning with its strategic objectives, the company said on Tuesday.
The firm provided a promissory note for the full amount of the facility and an assignment of receivables covering 120% of the outstanding balance as guarantees for the financing.
The company also clarified that an indirect shareholder of Quara Finance, Yousef Abdullah Al-Shilash, also has a shareholding in SHL Finance Company.
(Writing by Cleofe Maceda; editing by Seban Scaria)
