Sipchem building
Sahara International Petrochemical Co. (Sipchem) announced that its 75%-owned subsidiary, International Polymers Co. (IPC), signed a Murabaha facility agreement with Riyad Bank on Feb. 28, 2021.
The company said in a statement that all of its loans are Shariah-compliant.
Meanwhile, CEO Abdullah Al-Saadoon said that the agreement comes in line with the company's strategy of making all its transactions Shariah-compliant.
According to data compiled by Argaam, Sipchem announced in December 2020 that IPC signed a SAR 700 million Murabaha facility agreement with Riyad Bank to refinance the existing syndicated bank facility and loan from the Public Investment Fund (PIF).
Comments
{{DisplayName}}
{{ElapsedTime}}