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30-03-23
Al Rajhi Bank Launches US Dollar-Denominated Sukuk Program
(MENAFN) Saudi Arabia's Tadawul-listed Al Rajhi Bank has announced the start of its US dollar-denominated sukuk program, which has a minimum subscription of USD200,000. The bank will issue Sukuk, a debt product that aligns with the principles of Islamic laws, through a special-purpose vehicle. The sukuk offering is open to eligible local and international investors. Al Rajhi Capital Co., Citigroup Global Markets Ltd., Emirates NBD Bank PJSC, Goldman Sachs International, HSBC Bank, J.P. Morgan Securities, KFH Capital Investment Co., and Standard Chartered Bank will serve as joint lead managers and book-runners for the offering.
In March, Saudi Arabia's National Debt Management Center closed its riyal-denominated sukuk program issuance with a total bid amount worth SR8.34 billion (USD2.2 billion). The sukuk issuance was divided into tranches, with the first tranche worth SR2.77 billion maturing in 2031 and the second tranche worth SR600 million maturing in 2037.
The launch of Al Rajhi Bank's US dollar-denominated sukuk program is expected to attract investors looking for sharia-compliant investment opportunities. The bank's move is in line with the growing trend of Islamic finance, which has seen significant growth in recent years. Sukuk issuances have become increasingly popular as they provide an alternative source of funding for governments and corporations.
Overall, the sukuk market has been resilient amid the COVID-19 pandemic, with issuers leveraging the instrument to raise much-needed capital. The launch of Al Rajhi Bank's sukuk program is expected to provide investors with an opportunity to invest in a sharia-compliant debt product while diversifying their investment portfolios.
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