Riyadh – Mubasher: Saudi Investment Bank (SAIB) intends to issue SAR-denominated Tier 1 Sukuk programme, under which it will offer a total value not exceeding SAR 2 billion through a private placement.

The bank has assigned Alistithmar for Financial Securities and Brokerage Company (Alistithmar Capital) to be the lead manager and bookrunner for the potential issue, according to a recent bourse filing.

The Saudi lender noted that the exact amount and terms of the Sukuk offering will be disclosed at a later time.

Subject to the approval of relevant regulatory authorities, the issuance aims to enhance SAIB’s Tier 1 capital and meet its financial and strategic needs.

It is worth noting that in 2021, the bank’s net profits reached SAR 1.06 billion, an annual growth of 8.38% from SAR 979 million.