Quara Finance obtains SAR 100M credit facility from Al Rajhi Bank

Logo of Quara Finance Co.

Quara Finance Co. entered into a four-year, Shariah-compliant credit facility agreement worth SAR 100 million from Al Rajhi Bank.

In a statement to Tadawul, the company said the facility is intended to support the expansion of its financing operations and boost sales volume in line with its approved strategic plan.

Quara Finance noted that the facility is backed by a promissory note, a joint performance and liability guarantee from the owners, and an assignment of receivables covering 125% of the outstanding facility balance.

The facility agreement is a recurring transaction conducted in the ordinary course of business, in line with prevailing commercial terms and without any preferential conditions, the statement added.