The Saudi Electricity Company (SEC) has agreed on a 9 billion riyal ($2.4 billion) syndicated Islamic loan with seven major local banks. The seven-year unsecured facility has a murabaha structure, a cost-plus-profit arrangement that complies with Islamic finance standards, and will be used for general corporate purposes, including capital expenditure. The financing was provided by National Commercial Bank, Bank Albilad, Al Rajhi Bank, Riyad Bank, Samba Financial Group, Banque Saudi ...