Saudi Electricity Company secures SAR 16 bn in shariah-compliant financing

SEC secures SAR 16 bn in credit facilities

Saudi Electricity Company (SEC) inked a total of SAR 16 bn in agreements to obtain shariah-compliant murabaha financing facilities with local and regional banks, it said in a Tadawul disclosure. SEC will allocate the money to refinance indebtedness under the existing murabaha facility.

Who’s in? The three-year agreements — eligible for extension — involved Saudi National Bank, Al Rajhi Banking and Investment Corporation, Saudi Awwal Bank, Banque Saudi Fransi, Arab National Bank, Riyad Bank, and Qatar International Islamic Bank.