Bidaya Home Finance has successfully completed the second tranche of its SAR 500 million sukuk issuance at SAR 100 million, the company said in a statement.
Bidaya launched its sukuk issuance in Q2 2018 and closed the second tranche on Dec. 26, 2018.
“The issuance received an overwhelming turnout from investors,” said Bidaya’s CEO, Mazin Al Ghunaim.
Riyad Capital acted as the lead arranger and the agent of the sukuk program.
Bidaya’s sukuk program is aimed at boosting investment in the Islamic capital markets, and diversifying the company’s financing sources.
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