Riyadh – Mubasher: The Saudi Investment Bank successfully issued yesterday Sharia-compliant SAR 500 million subordinated Tier I Sukuk through a private placement offer in Saudi Arabia, a bourse filing revealed on Tuesday.
The Sukuk issuance will enhance the Bank's capital base and capital adequacy ratios, diversify funding sources, and extend maturity profile, the filing showed.
“The Sukuk are perpetual securities with no fixed redemption date,” the bank said in the statement, assuring that it has the right to call the Sukuk on predefined dates.
Alistithmar for Financial Securities and Brokerage Company and J.P. Morgan Saudi Arabia Company jointly acted as lead managers.
