Abdullah A. M. Al-Khodari Sons Company announced the signing of the renewal of Islamic credit agreement with Alawwal Bank on 28 March 2017 amounting to SAR 373 million. The purpose of these credit facilities is to provide bonding commitments and fund capital requirements and working capital needs for the company's general purposes and specific projects. The modes of utilization are Murabahah financing, multi bonds and documentary credit. These credit facilities are comprised of 50% Murabaha financing and 50% multi bonds. The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects. The agreement will expire on 28 February 2018; however, the credit limits will mature over the life of the prospective financed projects. The major amounts of Murabahah facilities are settled at 50% of collected amounts from the financed projects. The company also reported the renewal of Islamic credit facilities agreement with Gulf International Bank (GIB) on the same day in the amount of SAR 252 million. These credit facilities are to provide bonding commitments and fund the working capital and capex requirements of the projects. 60% of the facilities are funded under Murabaha modes of financing and documentary credits, whereas 40% limits are for multi-purpose bonds. The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects. The agreement will expire on 27 February 2018; however, the credit limits will mature over the life of the prospective financed projects. The Murabahah facilities are settled at various periodical maturities.