The Saudi Investment Bank (SAIB) (1030) raised USD 750 million from USD-denominated Sukuk issuance, offering them to qualified investors inside and outside Saudi Arabia.
Details
The bank noted that the Sukuk, which are perpetual and callable after five years, yield 6.375% annually.
It will be listed on the London Stock Exchange.
So what
In September, SAIB announced a plan to establish a US dollar-denominated Tier 1 Sukuk program.
This is to issue Islamic debt instruments not exceeding $1.5 billion, using the proceeds to strengthen the bank’s capital and meet its financial and strategic needs.
Some context
The bank’s net profits grew 12.2% YoY in Q3 of 2024, approaching SAR 518 million. Its net profit for the first nine months rose about 10%, surpassing SAR one billion.
Earnings per share rose to SAR 1.08 compared to SAR 0.97 during the same period last year.
The Saudi Investment Bank, established in 1976 and officially launched in 1977, is one of Saudi Arabia’s leading banks, offering a wide range of banking and financial services.
