Saudi Investment Bank closes SAR 500 mln sukuk

22/11/2016 Argaam

Saudi Investment Bank (SAIB) has issued a SAR 500 million sharia-compliant subordinated Tier I sukuk through private placement, the bank said in a statement to Saudi bourse.

 

The sukuk issue is expected to enhance capital base and capital adequacy ratios, diversify funding sources and extend their maturity profiles, the statement added.

 

The sukuk are perpetual securities that have no fixed redemption date and the bank has a right to call them on predefined dates.

 

Alistithmar for Financial Securities & Brokerage and J. P. Morgan Saudi Arabia acted as joint lead managers, the statement said. 

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