Saudi Arabia's Alrajhi Bank Offers SAR-denominated Tier 1 Sukuk to Expand its Operations 

Saudi Arabia's Alrajhi bank has announced the introduction of its perpetual Saudi Riyals denominated Tier 1 Sukuk on the 30th of October 2022, callable by the bank in five years to grow its business and provide investors with reliable income on a regular basis.

Why it Matters?

The Sukuk was issued after getting approval from the Capital Markets Authority for the public offering on the 20th of October 2022 and comes as a result of the bank's successful prior private issuance in January 2022 and the sizeable investor turnout. The offering will be listed on the Saudi Stock Exchange, Tadawul and has many traits that are similar to those of equity instruments, such as ordinary shares in companies, including Zakat treatment.

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