Published: February 13, 2012
Telecoms company completes shariah funding.
Etihad Etisalat, a Saudi Arabian telecoms company that trades as Mobily, has completed a SAR10bn (US$2.67bn) shariah-compliant refinancing with seven banks.
The company rolled three of its existing loans into a four-tranche Islamic funding deal on tenors of between five and seven years.
The new loans were provided by Rajhi Bank, Banque Saudi Fransi, National Commercial Bank, Riyad Bank, Samba Financial Group, Saudi British Bank and Saudi Hollandi Bank.
The new funds will also be used to develop Mobily’s broadband and data services businesses.