Riyadh – Mubasher: Academy of Learning Company has obtained a Sharia-compliant credit line amounting to SAR 22 million from Riyad Bank.

The company secured the three-month funding on 22 June 2023, according to a bourse filing.

Academy of Learning aims to finance future expansion works for its branches in Riyadh, Khobar, and Dammam cities.

The credit line has three types of guarantees; a promissory note submitted by the company to Riyad Bank, a mortgage on a SAR 50 million bank deposit, and a solidarity guarantee from Academy of Learning’s Chairman.

It is worth noting that the Saudi lender provided a Sharia-aligned facility to the listed Perfect Presentation for Commercial Services Company (2P) earlier in 2023.