MIS inks SAR 126.8 mln Sharia-compliant credit facility with SAIB

Al Moammar Information Systems Co. (MIS) signed, on August 19, an agreement to renew a Sharia-compliant credit facility worth SAR 126.8 million with Saudi Investment Bank (SAIB), according to a bourse statement.

The facility tenor extends from August 19, 2020 until April 30, 2021, and was guaranteed by a promissory note for SAIB.

The facility is aimed at financing ongoing and future projects, and proceeds will go for financing contracts and issuing letters of credit.