Leejam secures SAR 150M Islamic credit facility from Emirates NBD

A branch of Leejam Sports

Leejam Sports Co. (Fitness Time) signed SAR 150 million Shariah-compliant credit facility agreement with Emirates NBD, according to a statement to Tadawul.

 

The credit facility includes a Multi-Purpose Line of Credit (MPLC) of a short-term loan - Tawarruq financing.

 

It aimed at financing Leejam’s working capital requirements and multiple letters of guarantee to purchase sports equipment for its operations in the UAE.

 

The credit facility is a short-term loan, extending for 3 months, as the duration of letters of guarantee is 12 months.

 

The facilities will be guaranteed by promissory notes, and the agreement included no related parties, the statement added.

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