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Saudi Investment Bank issues SAR285m Sukuk

Saudi Investment Bank issues SAR285m Sukuk
The Sukuk are compliant with Islamic Sharia, and were issued through a private placement offer
SAIB
1030.B
-0.70% 17.04 -0.12

Riyadh - Mubasher: The Saudi Investment Bank announced on Tuesday that it has successfully closed its transaction of issuing SAR 285 million subordinated Tier I Sukuk, according to a bourse filing.

The Sukuk are compliant with Islamic Sharia principles, and were issued through a private placement offer in Saudi Arabia.

It also includes salient features which enhances the Bank's capital base and capital adequacy ratios, the bank said in a statement to the Saudi Stock Exchange (Tadawul).

In addition, the Sukuk further diversifies the Bank's funding sources and extends its maturity profile.

The Sukuk are perpetual securities with no fixed redemption date. However, the Bank has the right to call the Sukuk on predefined dates.

All required approvals from the regulatory authorities have been obtained for the issuance.

Alistithmar for Financial Securities and Brokerage Company acted as the Sole Lead Manager for this issuance.