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Bank Aljazira plans to issue SAR-denominated Sukuk programme

Bank Aljazira plans to issue SAR-denominated Sukuk programme
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Riyadh – Mubasher: Bank Aljazira intends to offer domestic the SAR-denominated Tier 1 Sukuk issuance programme at a value of up to SAR 5 billion by way of a private placement.

The lender has assigned AlJazira Capita as the sole arranger to handle the proposed Sukuk programme and the potential offer, according to a bourse filing.

Meanwhile, the total value of the issuance will not exceed SAR 5 billion.

The Saudi lender highlighted that the number and value of the Sukuk offering will be determined at a later time in accordance with the market conditions.

Subject to the approval of relevant regulatory authorities, the issuance aims to reinforce the bank’s capital base and anchor its financial as well as strategic needs.

Bank Aljazira will unveil any other relevant material developments regarding the potential offer in due course.

During the first quarter (Q1) of 2023, the listed bank recorded net profits worth SAR 204 million, down 45.59% from SAR 374.90 million in Q1-22.