Tabuk Cement Closes Deal to Re-structure Credit Facilities in Compliance with Shariah Law

Saudi based building materials company, Tabuk Cement, has signed an agreement with Bank Albilad, to re-structure SAR 380.82 million (USD 101 million) worth credit facilities. The company stated that the total amount of SAR 476.03 million was paid in four equal installments of SAR 95.21 million.

The statement further mentioned that Six years was the previous bank credit repayment period, out of which one year was a grace period, that ended in March 2019. The payment of installments is scheduled to end in 2024, comprising of 20 installments based on Islamic Financing terms.

Additionally, it also noted that the company’s financial statements will depict the impact of the transac...