Jazadco inks SAR 40 mln Islamic facility with Al Rajhi Bank

13/08/2017 Argaam

Jazan Development Co. (Jazadco) has signed an agreement with Al Rajhi Bank to secure shariah-compliant credit facility worth SAR 40 million, the company said in a statement to Tadawul on Sunday.

 

 The financing period is five years starting August 13, 2017, the company added.

 

The funds will go towards financing capital expenditure for company’s projects.

 

The credit is covered by a real estate mortgage and a promissory note.

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