Abdullah A. M. Al-Khodari Sons Company announced the signing of the renewal of existing Islamic credit facilities agreement with Al-Bilad Bank on January 3, 2017 in the amount of SAR 124,491,000. The purpose of these facilities was to provide bonding commitments and fund the working capital and capex requirements of the company. 42% of the facilities are funded under Murabaha modes of financing, whereas 58% limits are for multi-purpose bonds. The credit agreement shall expire on October 11, 2017 however the credit limits shall mature over the contractual lives of the financed projects which ranges between 24 to 36 months. The Murabaha facilities are to be settled at a certain percentage of the periodical collected amounts from the financed projects. The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects.