RIYADH: The Saudi Investment Bank said it intends to establish a Sukuk program denominated in Saudi Riyals and worth up to SR2 billion ($533 million).
This comes as the bank aims to “enhance the Tier 1 capital and fulfill the Bank’s financial and strategic needs,” it said in a filing to the Saudi stock exchange.
Amid plans to issue Tier 1 Sukuk under the program, SAIB selected Alistithmar Capital as the lead manager and bookrunner for the potential offer.
Established in 1977, Riyadh-based SAIB holds a market capitalization approaching SR18 billion as of Mar. 17.