Zain KSA inks agreement with Finance Ministry to convert commercial loan into Murabaha facility

21/02/2023 Argaam

Zain KSA inks agreement with Finance Ministry to convert commercial loan into Murabaha facility

Logo of Zain KSA

Mobile Telecommunication Co. Saudi Arabia (Zain KSA) signed an agreement with the Ministry of Finance to convert an existing commercial loan to a Shariah-compliant Murabaha facility.

 

The telco appointed Al Rajhi Bank as a Murabaha facility agent.

 

No changes to the current commercial terms of the facility, Zain KSA said in a statement on Tadawul.

 

In June 2013, Zain KSA signed an agreement with the Ministry of Finance to postpone payment of SAR 800 million state dues related to the operation license, payable through the following seven years, according to data compiled by Argaam.

 

The agreement stated that the deferred installments will be a commercial loan, the first installment of which was due on June 1, 2021.

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