Saudi Investment Bank (SAIB) has completed its sukuk offering worth 2 billion riyals ($533 million), the specialist corporate lender said in a bourse filing on Wednesday. 

The Tier 1 sukuk denominated in Saudi riyals offers a 6 percent a year fixed rate that is payable semi-annually from (including) the issue date. 

The Saudi lender had announced last March its intention to issue a sukuk programme through a private placement. 

SAIB’s net profit for the first quarter of the year rose by 34.4 percent to 287 million riyals, driven by an increase in total operating income. 

(Writing by Cleofe Maceda; editing by Seban Scaria)