Watani Iron Steel Company signed a short-term Sharia-compliant credit facility agreement worth SAR 20 million with Arab National Bank (ANB).

The Saudi company has obtained the loan on 10 May this year to finance its working capital, according to a bourse filing.

The facility agreement, which will end on 30 April 2023, is secured by a promissory note with the value of the loan in favour of the bank.

It is worth noting that Watani Iron Steel secured a short-term credit facility worth SAR 25 million from Alinma Bank last October.

https://www.zawya.com/en/islamic-economy/islamic-finance/watani-iron-steel-pens-533mln-facility-deal-with-saudis-anb-xqin8squ