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Posted On: 17 November 2009 12:47 pm
Updated On: 12 November 2020 02:10 pm

Barwa recovers $40m from South African firm

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Some 75 percent of a loan worth $40m the Barwa Real Estate Company gave to a South African firm has been recovered, company’s chairman and CEO, Ghanem bin Saad Al Saad said yesterday. Answering questions at a press briefing held to announce the launch of some key projects, Al Saad said the recovery of 40 percent of the loan amount has been possible through legal action. He expressed the hope that the remaining amount will also be recovered soon. Asked how Barwa could possibly lend when it followed the Islamic principles of financing, the CEO said loans were given in a Shariah-compliant way. He said the company’s assets were QR27bn in 2007 and stood at a staggering QR60bn at 2008-end. Considering the assets the loan amount in question is nothing, hinted the CEO. The loan was given away through a partner company for procuring some items, including medicines, said Al Saad.