SEC signed a seven-year Shariah-compliant Murabaha facility with seven local banks
Saudi Energy Co. (SEC) signed, on July 27, a seven-year Shariah-compliant Murabaha financing facility with seven local banks, with a total value of SAR 15.8 billion. 
In a statement, the company said the financing was provided by Saudi National Bank (SNB), Al Rajhi Bank, Saudi Awwal Bank (SAB), Banque Saudi Fransi (BSF), Arab National Bank (ANB), Riyad Bank, and The Saudi Investment Bank (SAIB).
The facility will be used for general corporate purposes and was obtained without providing any collateral.
The company noted that related parties include SNB and Khalid Salem Al-Ruwais, who serves as a board member of Saudi Energy and SAIB.
SEC signed a seven-year Shariah-compliant Murabaha facility with seven local banks
Saudi Energy Co. (SEC) signed, on July 27, a seven-year Shariah-compliant Murabaha financing facility with seven local banks, with a total value of SAR 15.8 billion.
In a statement, the company said the financing was provided by Saudi National Bank (SNB), Al Rajhi Bank, Saudi Awwal Bank (SAB), Banque Saudi Fransi (BSF), Arab National Bank (ANB), Riyad Bank, and The Saudi Investment Bank (SAIB).
The facility will be used for general corporate purposes and was obtained without providing any collateral.
The company noted that related parties include SNB and Khalid Salem Al-Ruwais, who serves as a board member of Saudi Energy and SAIB.
