Jabal Omar still in talks to convert SAR 3 bln loan into Murabaha

01/10/2017 Argaam

Jabal Omar Development Co. is working to convert a SAR 3 billion granted by the Saudi Ministry of finance into an Islamic Murabaha, the company said in a bourse statement on Sunday. 

 

Talks with the ministry on the loan conversion have started last June, Argaam reported.

 

Under the loan agreement signed in December 2011, Jabal Omar retains the right to convert the loan into Sharia-compliant facility.

 

The credit is repayable in eight years after a grace period of two years.

 

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