Amlak renews SAR 1.06B credit facility agreement with SAIB

Amlak International Finance Co. renewed today, March 11, its Shariah-compliant credit facility agreement with The Saudi Investment Bank (SAIB), at SAR 1.06 billion.

In a statement to Tadawul, the company said the one-year financing aims to support its operations and step up its lending capacity. Guarantees provided under the deal include the assignment of receivables to the bank and a promissory note in favor of SAIB.

Amlak also pointed to the related parties involved in the agreement, as SAIB — being a major shareholder — has a direct interest in the deal.

Additionally, some board members have indirect interest, namely Majed Fakeeh, Chief Corporate Banking Officer at SAIB; Khalid Al-Rayes, CEO of Alistithmar Capital (SAIB’s wholly owned subsidiary); and Ala Asali, Chief Cyber Security Officer and member of the Risk Committee at SAIB.

The company emphasized that the agreement was conducted in the ordinary course of doing business, granting no preferential terms.