Al Moammar Information Systems Co. (MIS) renewed and modified SAR 120.24 million worth of a Sharia-compliant credit facility (Murabaha) with Samba Financial Group, the company said in a bourse statement.
The facility tenor extends from Sept. 10, 2020 until March 2021, and is guaranteed by a promissory note.
The credit facility will be used to finance new projects, and the agreement involved no related parties, the statement added.
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