Saudi Home Loans inks deal with ANB
The loan is secured by a promissory note equivalent to the facility's value
Dubai: Saudi Home Loans Company (SHL) renews a Sharia-compliant credit facilities agreement with Arab National Bank (ANB) totalling $546.5 million (Dh2 billion).
According to a disclosure on the stock exchange, the facility aims to support SHL's expansion plans and increase sales volume in alignment with the company's strategic goals and future vision.
The loan is secured by a promissory note equivalent to the facility's value, supplemented by an assignment of receivables covering 105 per cent of the outstanding balance of the facilities.
This facility agreement is effective from July 8, 2024, until April 30, 2025.
In Q1 2024, SHL reported a significant increase in net profits, rising by 88.63 per cent to $1.2 million (Dh4.4 million) compared to $650,40 (Dh2.3 million) in the same period the previous year.