Zain Saudi inks USD600m refinancing agreement

12 Apr 2011

(MENAFN) Zain Saudi Arabia stated that it inked a deal for refinancing capital projects and other obligations worth USD600 million to be paid back over the course of two years, reported Reuters.

The operator stated that the deal was inked with Saudi banks on an Islamic financing basis, which is called Murabaha.

It is worth noting that under a murabaha deal, an Islamic bank buys an asset from a third party and sells it to its customer at cost plus profit. This allows the bank to extend financing without charging interest, which is forbidden by Islamic law.

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