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Al Rajhi Bank completes SAR 6.5bn Sukuk issuance

Al Rajhi Bank completes SAR 6.5bn Sukuk issuance
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Riyadh – Mubasher:  Al Rajhi Bank has completed the issuance of its Saudi riyal-denominated Tier 1 Sukuk at a value of SAR 6.5 billion.

The settlement issuance was set on 23 January 2021, according to a bourse filing on Monday.

The number of Sukuk stands at 6,500, based on the minimum denomination and total issue size.

The return on the Sukuk offering is estimated at an annual fixed rate of 3.5%, payable quarterly from the issuance date to 23 January 2027.

On 3 January, the bank announced the commencement of a SAR-denominated Tier 1 Sukuk offering.

It is worth noting that during the third quarter (Q3) of 2021, Al Rajhi Bank's net profits recorded a 42.7% hike to SAR 3.79 billion from SAR 2.65 billion in Q3-20.