SVCP converts bank facilities to Islamic agreements

Saudi Vitrified Clay Pipes Company (SVCP) said on Sunday that it has successfully converted all bank credit agreements to Islamic Sharia Compliant agreements.

The move will not have an impact on financial statements, the company said in a filing to Saudi Arabia’s bourse, Tadawul.

SVCP recently paid off a SAR 37.5 million loan to the Saudi Industrial Development Fund (SIDF) in full, although the last installment was originally due on June 30, 2016, according to data compiled by Argaam.