Riyadh: Today, the Saudi Exchange celebrated the listing of AlRajhi Bank Tier 1 Sukuk. AlRajhi Bank is one of the world’s largest Islamic Banks by market cap with a strong and historic presence in Saudi Arabia. The ceremony was attended by Mr. Mohammed Al Rumaih, CEO of Saudi Exchange and Mr. Waleed Al-Mogbel MD & CEO of AlRajhi Bank.

Speaking on the occasion, Mohammed Al Rumaih, CEO of Saudi Exchange said, “We are pleased to welcome AlRajhi Bank’s Sukuk to the Saudi Exchange, which will undoubtedly provide the right platform for the sukuk’s success. The addition of AlRajhi Bank Sukuk to the Saudi Exchange is another step towards diversifying the products available to local, regional and international investors, in line with our commitment to Vision 2030 and its Financial Sector Development Program. This listing will thereby support our aim to attract further investors and issuers to the Saudi capital market, showcasing our diverse debt market alongside the strong equity market.”

“The listing of Al Rajhi Bank’s Sukuk in the Saudi Market, boosts the diversification of investment products, opens new channels for individual investors to participate in the Sukuk & Bonds market, and increases its investor base. This is part of the pioneering role and effective contribution of Al Rajhi Bank for the development of the Sukuk and debt instruments market, which is one of the most important objectives of the Financial Sector Development Program, within the Saudi Vision 2030 realization programs.” said Waleed Al-Mogbel MD & CEO of AlRajhi Bank.

Investment in the Al Rajhi Bank Tier 1 Sukuk requires a minimum amount of 1,000 Saudi Riyals, representing the value of one Sak, and the annual coupon rate on the Sukuk is 5.50%.

Al Rajhi Bank is the Kingdom’s leading Islamic finance bank with a vast network of over 515 branches, more than 4,824 ATMs and 373,046 POS terminals, alongside the largest customer base of any bank in Saudi Arabia. The first branch opened in 1957 and is now one of the largest banks in the world by market capitalisation as well as the largest in the Middle East and Saudi Arabia.

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About Saudi Exchange 

Saudi Exchange is the authorized entity in the Kingdom of Saudi Arabia to act as the Kingdom’s securities exchange (the Exchange), listing and trading in securities. The Saudi stock market is one of the largest stock exchanges among the 67 members of the World Federation of Exchanges, the dominant market in the Gulf Cooperation Council (GCC) and one of the top three largest stock market amongst its emerging market peers. For more information see: www.saudiexchange.sa     

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