Riyadh – Mubasher: The Saudi Investment Bank (SAIB) has sold a SAR 1 billion Shariah-compliant Tier I Sukuk through a private placement offer in Saudi Arabia.

The Islamic bond sale will boost the SAIB's capital base and adequacy ratios, the Saudi-listed bank stated on Wednesday.

The issuance will also diversify the bank's financial sources and extend its maturity profile, SAIB added.

“However, the Bank has the right to call the Sukuk on predefined dates,” the investment bank revealed.

The Saudi Arabia-based lender has obtained all the required approvals to conclude the transaction.

Alistithmar for Financial Securities and Brokerage Company acted as the issue’s sole lead manager.