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Zain Saudi Arabia gets $2.5 bln Islamic financing

Posted on 12 August 2009

From Bloomberg: Zain Saudi Arabia, a unit of Kuwait’s biggest mobile-phone company, got a two-year $2.5 billion Islamic loan facility, or Murabahah, from eight banks as Saudi companies tap products that comply with Muslim Shariah law to expand operations in the kingdom.

“The funds will be used to repay its existing Murabahah, facilitating the mobile telecom operation’s ongoing network expansion and future growth,” the Riyadh- based company said in an e-mailed statement today…………Full Article: Source

 
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Laxman - who has written 19163 posts on Opalesque Islamic Finance Briefing.


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