iOud sukuk start trading on TASI

Logo of Intelligent Oud Company for Trading (iOud) 

Intelligent Oud Company for Trading (iOud) begins trading its credit-enhanced sukuk on Saudi Arabia’s main market (TASI) today, May 21, under the symbol 5026 and ISIN code SA16I00IEH37, at a nominal value of SAR 1,000 per sukuk.

The senior sukuk, denominated in SAR and structured under a Mudaraba/Murabaha framework, are part of the company’s SAR 300 million sukuk issuance program.

The SAR 50 million issuance offers a fixed annual return of 10.50%, payable semiannually, with a maturity period of five years.

The sukuk were offered for public subscription between May 10 and May 14, targeting retail and institutional investors in Saudi Arabia.

The issuance includes an issuer call option exercisable after 24 months from the issuance date, with full repayment at face value upon maturity. The sukuk will be treated as capital for Zakat purposes throughout their term.

iOud was established in Riyadh in 2010 as a closed joint stock company and listed on the Nomu-Parallel Market since October 2023. It operates from its headquarters in Riyadh, with a branch in Dubai, and its core business includes oud and incense manufacturing, perfume production, and related fragrance oils.