JEDDAH – In what is considered to be one of the largest Islamic financing deals this year, Zain Company Tuesday signed a SR9.37 billion Murabaha (Islamic financing) loan deal with a group of local and foreign banks.
The company said in a statement that the Murabaha deal signed with eight banks will help in financing the company’s future operational projects and fulfilling its financial obligations.
The consortium signing the contract includes Al-Rajih Bank, Saudi French Bank, Calyon Bank, Kuwaiti National Bank, Al-Khaleej Bank and Standard Bank.
Prince Hussam Bin Saud Bin Abdul Aziz, Zain’s Chairman, said the deal reflects trust which Zain enjoys in the international credit institutions as well as satisfactory performance of the company which is counted among the largest economies in the region.
Dr Saad Al-Barrak, the company’s Managing Director and Deputy Chairman said “despite acute shortage in liquidity in the world’s financial market and the stifling global economic crisis Zain has succeeded in gaining the confidence of the financial institutions and obtaining a Murabaha contract with this size.” – Okaz/SG