Nama Chemical signs Murabaha facility agreement worth SR90 ‎mln with National Bank of Kuwait, Riyad Bank ‎

Nama Chemical Co. announced signing of a Murabaha facility agreement with the National Bank of Kuwait and a Tawarruq facility agreement with Riyad Bank “compliant with the provisions of Islamic Sharia” at a value of 90 million riyals.

It explained that the financing value is divided into 60 million riyals granted by the “National Bank of Kuwait” and 30 million riyals granted by “Riyad Bank”, with the aim of financing working capital by obtaining these facilities in line with its strategy.

The financing period will be six-month revolving facilities for a renewable one-year period, as each agreement is secured by a promissory note for the value of the granted facilities.