Sipchem says all loan facilities are Shariah-compliant

01/03/2021 Argaam

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).

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