Riyadh - Mubasher: Al Moammar Information Systems Company (MIS) has renewed a Sharia-compliant facility worth SAR 1.69 billion with Banque Saudi Fransi.

Valid until 31 March 2023, the funding aims to finance new project contracts and issue bank guarantees, according to the Saudi Exchange’s (Tadawul) filing on Monday.

The facility agreement is secured by a promissory note worth the value of the total loan limit.

It’s worth noting that both MIS and the Saudi lender signed the agreement on  6 March.