The bank said in a statement seen by the website (Namazoun), that the deal aims to refinance a portion of the existing credit facilities, which the company had obtained from a group of banks This is to finance the expansion of its business activities.
On this occasion, Raed Bukhamseen, Vice Chairman and CEO of KIB, commended the efforts made by the two parties to sign this agreement, saying: We are pleased to make an arrangement. Organizing this Islamic financing for (EQUATE) company, which is one of the world leaders in the petrochemical sector, and we look forward to continuing to support the company's efforts aimed at achieving further growth based on its strong business model, its management team and its distinguished shareholders.
Bukhamseen also pointed out the importance of this deal in supporting the bank's efforts towards diversifying the financing portfolio, adding: This transaction came to confirm KIB's ability to lead and arrange large financing operations on the basis of Duo, especially after the successful Sukuk issue implemented by KIB last year, which has strengthened the bank's capitalization indicators and contributed to increasing its ability to conduct major financing operations.
