Swisslog: Murabaha financing to Saudi Arabia
SEK has financed Swisslog’s export of logistics solutions to Almarai.
Almarai is a company domiciled in Saudi Arabia that retails dairy products. Swisslog is a Swiss company with production in Sweden.
Swisslog’s deliveries create unique logistics solutions for warehouses, including pallet cranes and conveyors, picking robots, etc. Financing was conducted in accordance with sharia law, Islamic canonical law, and pursuant to the murabaha financing structure, which entails no payments of interest.
Murabaha has become the most widespread type of Islamic financing.
The transaction is assessed as having no negative environmental impact, since it pertains to the export of an existing facility. Swisslog’s governance and control system together with anti-corruption clauses in agreements satisfactorily mitigate the primary risks in relation to Almarai. SEK will continue the dialogue with Swisslog regarding the management of sustainability risks.
Facts and business partners
Amount: Export credit of EUR 36.3 million
Maturity: Until 2029
Exporter: Swisslog-Accalon AB
Arranger: Societe General
Guaranteed by: EKN 95 percent, Société Générale 5 percent