Saudi real estate development company Jabal Omar Development Co. is holding talks with the Saudi Finance Ministry to convert a commercial loan worth SAR 3 bn into a Murabaha facility, Invest-Gate reports.

The conversion process is expected to be finalized in the third quarter of 2017, the company says in a bourse statement. The loan will be maintained at the same value, expecting no impact on its financial results.

Under the loan agreement signed in December 2011, the company has the right to convert the loan into Sharia-compliant facility.