RIYADH: Saudi Arabia’s Al Hasoob Co. has obtained a short-term loan worth SR7.5 million ($2 million) from Al Rajhi Bank amid expansion efforts.

The credit shall be valid for one year and complies with Islamic sharia laws, the company said in a bourse statement.

It added that the decision comes in line with its strategic plan and growth prospects as well as to meet future financial needs.

The loan is bound by a promissory note worth SR7.84 million.

Riyadh-based Al Hasoob is a computer and electronics retailer with seven branches across the Kingdom.