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Al Rajhi Bank raises SAR 10bn from Tier 1 Sukuk offering

Al Rajhi Bank raises SAR 10bn from Tier 1 Sukuk offering
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Riyadh – Mubasher: Al Rajhi Bank has closed the offering of SAR-denominated Tier 1 Sukuk at a total value of SAR 10 billion, according to a bourse disclosure.

The total number of Sukuk notes reached 10 million at a par value of SAR 1,000 each.

Meanwhile, the annual rate of return for the perpetual Sukuk stood at 5.50%, which will be paid on a quarterly basis starting from 16 November 2022.

The lender pointed out that the Sukuk may be redeemed in certain cases as detailed in the offering circular, adding that the rate of return will be reset on 16 November 2027 and every five years thereafter.

In the first nine months (9M) of 2022, Al Rajhi Bank witnessed an 18.74% growth in net profit to SAR 12.74 billion, compared to SAR 10.73 billion in the year-ago period.