Riyad Bank plans to issue
I
slamic bond
s
, or
S
ukuk, worth SAR 4 billion through a private placement to boost its capital and expand its credit activities, the lender said in a statement to the Saudi exchange.
The
bonds
, which
were
approved by
the
Saudi Arabian Monetary Agency, or the central bank,
have
a lifespan of 10 years but can be repaid at the end of the fifth year
.
In April, the bank's general assembly had agreed to issue Sukuk, pending regulatory approval from local authorities.
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