Al-Rajhi Bank announced the start of issuing US dollar-denominated sukuk as part of its international sukuk programme.
The bank stated, in a statement on Tadawul Saudi Arabia today, Wednesday, that the final value and terms for issuing sustainable sukuk will be determined based on market conditions.
He indicated that the offering process began on March 29 and will continue until March 30, 2023, noting that the offering end date is an expected date and is subject to market conditions.
He also pointed out that the target group for the issuance is qualified investors inside and outside the Kingdom of Saudi Arabia.
The bank indicated that the minimum subscription is $200,000, with increments of $1,000, and the nominal value of the sukuk is $200,000 as well.
Al Rajhi Bank noted that the offering price and sukuk return will be determined according to market conditions.
He said that the maturity period of the sukuk is 5 years, and it is permissible to redeem the sukuk early before its maturity period in certain cases specified in the offering documents for the sukuk.
The sustainable Sukuk will be listed on the international financial market of the London Stock Exchange and may be sold under Regulation S of the US Securities Act as amended.
Last Monday, Al-Rajhi Bank announced its intention to issue priority unsecured sustainable sukuk denominated in US dollars under the international sukuk program established on April 26, 2022, through a special purpose company, and offer them to qualified investors inside and outside Saudi Arabia.
