IFN - Leejam Sports secures Islamic financing
Summary
SAUDI ARABIA: Leejam Sports Company, which owns the Fitness Time brand in Saudi Arabia, has signed a Shariah compliant financing facilities agreement worth a total of SAR150 million (US$39.96 million) with Emirates NBD, which includes a short-term facility (Tawarruq) to finance the companys working capital requirements and letters of credit to purchase fitness equipment for its UAE operations, said a bourse filing. The short-term facility has a tenor of three months and the letter of credit is for 12 months.
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