Saudi state power utility SEC signed an agreement with local banks on 19 September for an SR5bn ($1.33bn) seven-year Islamic Murabaha loan – a type of sukuk whereby banks purchase goods to sell on to clients at an agreed mark-up, with repayment normally in instalments.

The co-financing agreement was concluded with Saudi Arabia’s National Commercial Bank (NCB), Banque Saudi Fransi and Samba Financial Group. The loan will help fund capital projects. (CONTINUED - 261 WORDS)