Saudi Investment Bank (SAIB) has completed the private placement of SAR 285 million worth of subordinated Tier I sukuk in Saudi Arabia, the lender said in a statement to Saudi bourse, Tadawul.
The sharia-compliant issue is intended to enhance the bank’s capital base as well as capital adequacy ratios. In addition the sukuk will diversify the bank’s funding sources and extending its maturity profile, the statement added.
The sukuk issue comprises perpetual securities with no fixed redemption date. However, the bank has the right to call the sukuk on predefined dates.
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