On July 13, Sahl for Finance renewed a Sharia-compliant credit facility agreement with Arab National Bank, worth approximately 1.82 billion riyals for a period of five years.

The company clarified in a statement on "Saudi Tadawul" today Monday that the guarantees provided against the facilities are promissory notes, in addition to providing accounts receivable as collateral.

It added that the renewal of facilities aims to expand and increase sales volume in the coming period through new financing granted to customers, in line with the company's strategy and future plans.

Sahl for Finance pointed out that there is an indirect interest for board member Obaid bin Abdullah Al-Rashid, who holds the position of Managing Director and CEO of Arab National Bank, and confirmed that the agreement is one of the ongoing transactions that are renewed annually, and is conducted within the ordinary course of business according to prevailing commercial terms without any preferential conditions.

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