Arab News, Wednesday, Jun 29, 2022 | Zul Qaadah 29, 1443
SAIB closes issuance of $533m Sukuk aimed at fulfilling financial needs
Saudi Arabia:
The Saudi Investment Bank, known as SAIB, has completed a private placement of
Tier 1 Sukuk worth SR2 billion ($533 million) in a bid to meet the lender’s
financial needs.
Denominated in Saudi Riyals, the Shariah-compliant
bond is perpetual and has a rate of return of 6 percent to be paid semi-annually
from the issue date, according to a bourse filing.
Alistithmar Capital acted as the lead manager and
bookrunner of the offering, which aims to fulfill the bank’s financial and
strategic needs and support its capital base.