Zain KSA extends $2.4bn murabaha loan until July 31
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Zain KSA extends $2.4bn murabaha loan until July 31

Zain KSA extends $2.4bn murabaha loan until July 31

Zain Saudi has said it has been granted an extension until July 31 to repay a $2.4bn Islamic loan due yesterday, Reuters has reported. The murabaha facility, a Shari'ah-compliant cost-plus-profit arrangement, was originally due in 2011, but has been put back multiple times. The loss-making telecoms operator, which has yet to make a quarterly net profit since launching services in 2008, earlier this month received government approval to defer payment of licence-related fees that could total around $1.49bn over seven years.

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