Saudi- AXIS Financing Programs win Euromoney, IFN Awards 

(MENAFN - Arab News) The financing programs of AXIS, a subsidiary of STC in Indonesia, won the award of the best financing of the year among the awards of Euromoney and the award of Islamic Financing.

These two are internationally famous awards for their reputation of excellence and efficiency of finance management, thus, winning either of them let alone winning both of them, ensure deep trust in the finance administration of STC Group Finance sector.

The Islamic financing indicates the biggest financing transactions compatible with Shariah rules in Asia, where the company has been provided with finance by a number of banks at 1.2 billion and a grace period of seven and a half years.

Amin bin Fahad Al Shiddi, VP for finance, pointed out that this financing is considered as one of the biggest foreign financing in Indonesia, to date, as the announced financing program consists of three parts: A Murabaha mode loan of 450 million arranged by Deutsche bank and HSBC and which guaranteed by Deutsche bank and Saudi British bank (SABB) facilities at 400 million provided by China Development bank to purchase equipment from Hauwaei company, other facilities at 350 million arranged by HSBC, guaranteed by a Swedish Agency for Export Credit, to buy equipment from Ericsson.

All these loans have been structured in accordance with Shariah rules.

AXIS Company has begun serving since April 2008, and is providing 2G and 3G services, nationally and internationally. In less than 4 years of its inception, AXIS managed to cover more than 80 percent of the Indonesian population along with providing its services to more than 400 cities and towns across Sumatra, Java and Bali. AXIS' overall customers number has exceeded 17 million customers.