Waja secures $2.4mln Sharia-compliant facility from Al Rajhi Bank

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Waja Company, a multi-sector Saudi Joint-stock company, signed a banking facility that is compliant with the Islamic Sharia to obtain funding from Al Rajhi Bank.

The financing amount is SAR 9 million with a duration period of one year starting from the signing date, 26 October 2023, according to a bourse disclosure.

Waja added that the financing is guaranteed by a promissory note from the company, indicating that the purpose of the facility is to fund the issuance of bank letters of guarantees for projects.

In July 2023, Waja Company entered into a restoration and furnishing contract with the listed Alkhorayef Water and Power Technologies Company

It is worth noting that during the first nine months (9M) of 2023, the Saudi lender achieved net profits worth SAR 12.45 million while its clients’ deposits reached SAR 565.71 billion.