Saudi Investment Bank closes SAR 1 bln sukuk

21/03/2018 Argaam

 

Saudi Investment Bank (SAIB) completed a private placement of SAR 1 billion worth of subordinated Tier I sukuk in Saudi Arabia today, the lender said in a statement to Tadawul.

 

The Sharia-compliant issue is intended to enhance the bank’s capital base and capital adequacy ratio. It will help diversify the bank’s funding sources and extend maturity profile.

 

The issue comprises perpetual securities with no fixed redemption date, though the bank retains the right to call the sukuk on predefined dates.

 

Alistithmar for Financial Securities and Brokerage Company acted as the sole lead manager for the issuance, the bank said.

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