Dur inks SAR 150 mln Islamic facility with Riyad Bank

04/10/2017 Argaam

 

Dur Hospitality said it has inked a SAR 150 million Shariah-compliant Tawarruq deal with Riyad Bank to finance the company’s expansions requirements.

 

The contract will last for one year until October 2, 2018, the company said in a statement to the Saudi bourse. 

 

The amount is covered by a promissory note by Dur. 

 

Tawarruq is a type of loan facility typically used in Islamic banking.

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