Bank Albilad plans SR2bn sukuk
Saudi Arabia's Bank Albilad
Jeddah - Arab Today
Saudi Arabia's Bank Albilad has received regulatory approval to issue a capital-boosting sukuk worth as much as SR2 billion ($533.3 million), it said in a bourse statement.
The issue will enhance its Tier 2, or supplementary, capital and last for 10 years, although the bank has the option to redeem the sukuk after the fifth year, according to the filing.
Sources told Reuters last month that Bank Albilad, one of the smaller lenders in Saudi Arabia, had chosen HSBC's local unit to arrange the Islamic bond offering.
Source ; Arab News
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