Al Hokair Group reschedules Islamic banking facilities worth $24mln with Saudi British Bank

In a filing on Saudi Tadawul, the company said the rescheduling was made to suit its cash flow conditions

  
Islamic finance background with calculator and rosary on the table. Image used for illustrative purpose.

Islamic finance background with calculator and rosary on the table. Image used for illustrative purpose.

Getty Images

Abdul Mohsen Al Hokair Group Company for Tourism and Development has signed an agreement with Saudi British Bank to reschedule Islamic financing facilities worth 89.02 million riyals ($24 million).

In a filing on Saudi Tadawul, the company said the rescheduling was made to suit its cash flow conditions.

Of the two Murabaha facilities that were rescheduled, one for 74.67 million riyals was rescheduled to five year’s with one year’s grace period, while the other, worth 14.35 million riyals was rescheduled to six years with one year’s grace period, from four and five years respectively earlier.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. 

© ZAWYA 2021

More From Real Estate