Budget Saudi’s subsidiary to get a SAR 50 million sharia-compliant loan

22/04/2014 Argaam

A subsidiary of United International Transportation Company (Budget Saudi), the sole franchisee of Budget International, will get a SAR 50 million sharia-compliant loan or Murabaha from Riyad Bank, the company said in a statement to the Saudi bourse, Tadawul.

 

The subsidiary, Rahal, will use the credit to buy heavy-duty and light-duty trucks to meet rising demand for that mean of transportation.

 

The credit agreement will expire on July 2017. Budget will pay back monthly installments of SAR 500,000 for 36 months, the company added. 

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