Etihad Etisalat (Mobily) has signed a 7.9 billion riyals ($2.11 bln) refinancing facility with a group of banks, as reported by Reuters.

The murabaha facility will refinance a significant part of Mobily's current debt, the company said, adding that the new facility was unsecured and had a seven years maturity, with a two-year grace period and five years repayment period.

A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.

The group of banks include National Commercial Bank, Banque Saudi Fransi, Samba Financial Group, Saudi British Bank, Riyad Bank and Al Rajhi Bank.