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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)
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