Riyadh – Mubasher: Jabal Omar Development Co. on Sunday said it continues the procedures of converting a SAR 3 billion commercial loan to a Murabaha loan.
The loan was awarded to Jabal Omar by the Saudi Ministry of Finance (MoF).
Murabaha is not an interest-bearing loan, which is considered riba (or excess), and it is acceptable under Sharia (Islamic religious law).
In June, Jabal Omar stated forecasted that converting the loan will be completed during the third quarter of 2017.
At the stock level, it edged up 0.51%, closing at SAR 67.22 on Thursday.
