Bahrain's Seef Properties secures $11.97mln Murabaha loan

The facility’s final maturity date is up to 2 years

  
Image used for illustrative purpose. Light Trails On Road In City Against Sky Photo Taken In Al Muharraq, Bahrain.

Image used for illustrative purpose. Light Trails On Road In City Against Sky Photo Taken In Al Muharraq, Bahrain.

Getty Images/ Aditya Kothari / EyeEm

Bahrain’s Seef Properties has entered into a Shariah compliant revolving Murabaha facility agreement with Ahli United Bank.

The facility amount is 4.5 million Bahraini dinars ($11.97 million) and will be used to finance working capital requirements, Seef Properties said in a statement to the Bahraini bourse.

The facility’s final maturity date is up to 2 years, with the tenor of each drawdown not exceeding 12 months from the drawdown date and a minimum tenor of 6 months.

The Bahrain-bourse listed real estate developer also announced in March the creation of a 1 million Bahraini dinars financial fund to support the tenants of its commercial malls in light of the spread of the coronavirus.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

#BAHRAIN #REALESTATE #SHARJAH #UAE

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