stc secures US$120 million Murabaha deal from NBK

TDT | Manama                                        

The Daily Tribune – www.newsofbahrain.com   

stc Bahrain, a leading digital enabler, announced the signing of a USD 120 million 6-year Murabaha financing facility agreement with the National Bank of Kuwait - Bahrain (NBK) for developing and enhancing its existing infrastructure in Bahrain.

According to Nezar Banabeela, the CEO of stc Bahrain, the Murabaha agreement with NBK “brings us a step closer to realizing our vision.: He added that stc has received a high level of interest from global financial institutions and the concluded deal is fully in line with Sharia principles, available in US dollars at competitive prices.

Ali Fardan, General Manager of the National Bank of Kuwait-Bahrain, commented that the financing deal is a new confirmation of the depth of the long-standing and close relations between the National Bank of Kuwait Group and STC Bahrain.

The deal comes as part of stc Bahrain’s continuous investment in the kingdom’s economy to enable Global impact strategic project enabling the company.

This includes developing the latest 5G network technologies and developing IoT service applications, including asset tracking, fleet management, and other cloud-based services.