STO has signed an agreement with ITFC on Murahaba financing on 28th December 2017. The agreement was signed by STO MD Mr. Ahmed Shaheer and International Islamic Trade Finance, (ITFC) COO Mr. HazeemNazeem Noordali.
A USD 100 Million Murabaha Financing agreement was signed between STO and ITFC on 28 December 2017 at a ceremony held at Hotel Jen. The agreement was signed by STO MD Mr.Ahmed Shaheer and ITFC COO Mr.Hazeem Nazeem Noordali. The facility is a short term Murabaha Financing facility for refined petroleum products imports for STO that will ensure cheaper and more efficient option for petroleum imports of STO.
This financing facility was one of the outcomes of the various side meetings held with IDB Group members and the Minister of Finance and Treasury Mr.Ahmed Munawar during the 42nd IDB Group Annual meeting held in May 2017.ITFC is one of the members of the IDB Group dedicated to facilitating government in mobilizing private and public resources and enhancing intra-trade between OIC member countries.
The facility is a short term Murabaha Financing facility for refined petroleum products imports for STO that will ensure cheaper and more efficient option for petroleum imports of STO.
The facility is a short term Murabaha Financing facility for refined petroleum products imports for STO that will ensure cheaper and more efficient option for petroleum imports of STO. A similar facility of USD 10 Million Murabaha by ITFC to STO was also finalized mid this year.
The ceremony held to sign the agreement was attended by Deputy Minister, Ministry of Finance and Treasury, Mr.Hussain Sham Adam, President of Privatization and Corporatization Board, (PCB) Mr. Mohamed Nizar.
