Riyadh – Mubasher: Alinma Bank plans to issue SAR-denominated additional Tier 1 Sukuk.

The bank will later announce the number and value of the Sukuk issue, according to a bourse filing on Wednesday.

Alinma Bank aims to strengthen its capital base in accordance with the Basel III framework agreement through this offering.

The bank has mandated Alinma Investment Company and J.P. Morgan Saudi Arabia Company as joint lead managers and bookrunners for the potential private placement offer.

It is worth noting that Alinma Bank registered an annual decline in net profits to SAR 1.97 billion in 2020, compared with SAR 2.5 billion in 2019.