Cherry Trading said the credit facilities will be utilized to purchase vehicles for long-term lease customers

Cherry Trading Co. signed today, Dec. 21, a Shariah-compliant credit facility deal worth SAR 250 million with Alinma Bank, according to a Tadawul filing.

The three-year financing is covered by a promissory note and the assignment of proceeds.

The loan will be utilized to purchase new vehicles for long-term lease customers, the statement added, indicating that no related parties were included in the transaction.