Al-Khodari renews SAR 231 mln Islamic credit facility

Abdullah A. M. Al-Khodari Sons Company’s (Al-Khodari) has renewed its existing SAR 231.37 million Islamic credit agreement with Riyad Bank, it said in a statement to Tadawul on Thursday.

The credit facilities, which comprise 63 percent Murabaha loans and 37 percent of multi bonds, will fund capital requirements and working capital needs for general purposes and specific projects.

The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects.

The agreement will expire on Feb. 25, 2021, the statement added.

In April and May, Al-Khodari renewed its SAR 330 million and SAR 75.91 million Islamic credit facilities agreement with Alawwal Bank and Bank Albilad, respectively.