FIPCO Secures SAR 50 Million Islamic Credit Facility from Al Rajhi Bank

Filing and Packing Materials Manufacturing Co. (FIPCO) has signed an Islamic Sharia-compliant credit facility agreement with Al Rajhi Bank to secure SAR 50 million ($13.3 million) in funding, the company said in a statement on Sunday.

The short-term revolving facility, finalized on Dec. 16, 2024, aims to finance FIPCO’s working capital needs. The agreement has a 12-month duration, ending on Nov. 30, 2025.

Under the terms, FIPCO has signed a promissory note covering the full value of the facility as a guarantee. The company clarified that no related parties are involved in the agreement.

The final version of the agreement, including all required legal procedures and signatures, was received on Jan. 6, 2025, FIPCO added.