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Exterior view of Zain headquarters building. Image courtesy: Zain
Mobile Telecommunication Company Saudi Arabia (Zain KSA) has signed a five-year Islamic Sharia-compliant banking facility worth 1.93 billion riyals ($515 million) with Al Rajhi Bank.
The new facility, which will be used to repay the current murabaha facility with the Saudi finance ministry, is “on better commercial terms”, the telecom service provider said, without providing details of the terms.
(Writing by Brinda Darasha; editing by Seban Scaria)
