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A sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Islamic religious law commonly known as Sharia. Image used for illustrative purpose. Image courtesy: Getty Images
Saudi’s Bank Aljazira has issued a SAR-denominated additional Tier 1 sukuk through a private placement.
The offering closes on January 8, with a minimum subscription limit of 1 million Saudi riyals ($266,354).
The bank has mandated Aljazira Capital, Al Rajhi Capital and HSBC Saudi Arabia as joint lead managers and dealers.
The amount and terms of the offer will be determined subject to the market conditions.
The issuance is open to institutional and qualified clients as defined by the rules on the offer of securities and continuing obligations issued by the Capital Market Authority.
(Writing by Bindu Rai)
