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IFC, $50m SABB home loans
- Saudi Arabia: Sunday, June 26 - 2005 at 14:13
The International Finance Corporation, part of the World Bank, will invest $50m to support Saudi British Bank's Islamic home financing portfolio. IFC will provide 12-year funding to SABB under a Murabaha facility to fund SABB's Islamic home financing product Manazel. Geoff Calvert, managing director of SABB said, "This is a significant step to support our program to help Saudi citizens for purchasing or building a home. SABB is proud to have been selected by the IFC and looks forward to expanding home ownership in the Kingdom."
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Peter J. CooperSunday, June 26 - 2005 at 14:13 UAE local time (GMT+4)
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