Saudi Ceramic secures $157.86mln Murabaha loan from two banks

The five-year agreement will be repaid on a quarterly basis

  
Islamic finance. Image use for illustrative purpose.

Islamic finance. Image use for illustrative purpose.

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Riyadh –  The Saudi Ceramic Company has obtained a Sharia-compliant Murabaha financing worth SAR 592 million from the Saudi British Bank and Bank Saudi Fransi on 15 July.

The company aims to refinance existing loans through the Murabaha funding, according to a bourse filing on Thursday.

The five-year agreement will be repaid on a quarterly basis through 20 installments.

Saudi Ceramic aims to reduce interest costs while meeting the company’s future business needs.

Source: Mubasher

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