SAUDI ARABIA: Local electrical engineering and electrical products manufacturer, Alfanar Group, has signed a SAR3 billion (US$800 million) dual-tranche Islamic financing with Banque Saudi Fransi, National Commercial Bank and Samba Financial Group.
The Murabahah structured facility was split between a three-year working capital tranche and a five-year term financing, carrying margins of 110 and 120 basis points over the Saudi interbank offered rate, respectively.