Jabal Omar Development Co. is in talks with the Saudi Ministry of Finance to convert a commercial loan worth SAR 3 billion into a Murabaha facility, the company said in a bourse statement on Sunday.
The conversion process is expected to be finalized in Q3-2017.
The Saudi developer added that the loan will be maintained at the same value, expecting no impact on its financial results.
Under the loan agreement signed in December 2011, Jabal Omar retains the right to convert the loan into Sharia-compliant facility.
The eight-year facility had been secured by the company to complete some of its projects in Makkah, Argaam reported.
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