Riyadh – Mubasher: Al Moammar Information Systems Company (MIS) secured two Sharia-compliant facilities at a combined value of SAR 758.83 million from Al Rajhi Bank and the Saudi British Bank (SABB) on 20 March 2023.

MIS will use the proceeds of the loans to endorse new project contracts as well as issue letters of credit and guarantee, according to bourse disclosures.

Al Rajhi Bank

The Saudi firm renewed its SAR 500 million financing deal with Al Rajhi Bank. The agreement, which is valid until 30 November 2023, is secured by a promissory note worth the value of the total loan limit.

SABB

MIS also extended a facility agreement at a value of SAR 258.83 million with SABB. The loan holds a duration period of nine months until 31 December 2023.  

In 2022, Al Rajhi Bank generated SAR 17.15 billion in net profit, while SABB logged net profits of SAR 4.87 billion.