Al Rajhi Bank to issue USD-denominated sukuk

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Al Rajhi Bank has announced plans to issue USD-denominated sukuk under its international sukuk programme.

The offering is expected to be conducted through a special purpose vehicle to local and international investors, according to a bourse filing.

The purpose of the offering is to fulfil the bank’s financial and strategic objectives under its sustainable finance framework.

The bank has mandated Al Rajhi Capital Company, Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Citigroup Global Markets Limited, Dubai Islamic Bank (DIB), Emirates NBD Capital Limited, First Abu Dhabi Bank (FAB), Goldman Sachs International, HSBC Bank, KFH Capital Investment Company, SMBC Capital Markets, Société Générale, and Standard Chartered Bank as joint lead managers and book-runners in for the sukuk offering.

Al Rajhi Bank reported a net profit of SAR 16.62 billion in 2023, a 3.09% year-on-year (YoY) decline from SAR 17.15 billion.