Saudi-based MIS Extends SAR 60 Million Murabahah Agreement
March 16, 2020
Email Information-technology company Al Moammar Information Systems (MIS) in Saudi Arabia has amended and renewed its SAR 60 million Murabahah credit facility agreement with Gulf National Bank.
In its statement to the Saudi Stock Exchange (Tadawul), MIS stated that the funds from the one-year Murabahah facility would go towards financing new projects.
The facility, which is guaranteed by a promissory note, commenced on the 11th of March 2020, and will end on the 10th of March 2021.
On the 12th of December 2019, MIS amended another of its Shariah-compliant credit facilities worth SAR 110 million. MIS further stated that the funds from this renewal would go towards supporting its new projects.
