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Saudi Investment Bank (SAIB) plans to issue a dollar denominated Tier I sukuk up to $1.5 billion in value under its newly established sukuk programme, which will be accessible through a private placement for qualified investors.
The exact value and terms of the issuance will be determined at a later stage subject to the market conditions, the bank said in a Tadawul disclosure.
SAIB said the sukuk will allow it to enhance its Tier 1 capital and fulfil the bank’s “financial and strategic needs.”
The offer will be subject to the approval of the relevant regulatory authorities.
(Writing by Bindu Rai, editing by Seban Scaria)
