Abdullah A. M. Al-Khodari Sons Company announces obtaining Islamic credit facilities from SAMBA Financial Group.
Abdullah A. M. Al-Khodari Sons Company announces renewal of existing Islamic credit facilities with SAMBA Financial Group amounting to SAR 131,995,935 as per the addendum to the credit agreement signed on 25/08/2016.
The purpose of these credit facilities is to provide bonding commitments and to fund capital and working capital requirements for the specific projects and general business needs in Islamic financing forms. The credit facilities are comprised of 73% non-funded and 27% funded.
The facilities are secured by promissory note and assignment of the contracts proceeds of the financed projects. The credit agreement will expire on 30/11/2016 however the credit limits for the projects will mature over the life of the projects which ranged 36 to 60 months. The repayment of the murabaha facilities is made upon collection from respective projects.