Riyadh –   Al Moammar Information Systems Co (MIS) announced renewing and amending a Sharia-compliant credit facility agreement worth SAR 60 million with Gulf International Bank (GIB).

The one-year Murabaha facility will be used to finance new projects, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The term of the loan, guaranteed by a promissory note, starts on 11 March and ends on 10 March 2021.

It is worth mentioning that MIS reported net profits of SAR 75.97 million in 2019, up from SAR 64.51 million in 2018.

Source: Mubasher

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