Riyadh – Mubasher: Bank AlJazira, through BAJ Sukuk Tier 1 Limited, has started today, 24 June, offering USD-denominated Tier 1 capital certificates at a minimum subscription and par value of $200,000.

The bank will continue to issue the perpetual Sukuk until 29 June, yet the number and value of the offering will be later determined based on market conditions, according to a bourse filing on Thursday.

Bank AlJazira mandated Alinma Investment, AlJazira Capital, and J.P. Morgan Securities as joint lead managers and bookrunners for the Sukuk offering.

The bank said earlier this month that BAJ Sukuk Tier 1 Limited would issue USD-denominated Tier 1 capital certificates at a total amount not exceeding $500 million through a private placement.