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Zain KSA soars on extension of $2.4bn Murabaha facility
- Bahrain: Wednesday, January 30 - 2013 at 17:56
The Saudi Arabian Tadawul All-Share Index closed 0.22% higher at 7,043.55 Wednesday. Shares of Mobile Telecommunications Company Saudi Arabia, known as Zain KSA, jumped 6.13% to SR8.65. Earlier in the day, Zain KSA said in relation to its announcement on Dec. 19 2012 that it had extended the maturity date of its syndicated Murabaha facility of approximately SR9bn ($2.4bn) to Jan. 30, the company announced that the syndicate of financiers under the Murabaha facility has unanimously consented to a further extension of the maturity date of the Murabaha Facility to Feb. 27 2013. Under the Islamic financing scheme Murabaha, a bank or a group of creditors buy an asset for the client and resells it to him at a higher price which he has to pay off in annuities over a fixed, pre-agreed period of time in order to circumvent interest payments which are prohibited under Shar'iah.
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Gérard Al-Fil, Financial JournalistWednesday, January 30 - 2013 at 17:56 UAE local time (GMT+4)
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