Saudi Arabian Bank Banque Saudi Fransi Sells $900 Million Sukuk with 4.75% Annual Return
Banque Saudi Fransi has completed the sale of a $900 million dollar-denominated sukuk with an annual return of 4.75 percent.
The sukuk issuance is for five years and will be managed by seven local and international banks.
The certificates will be listed on the International Securities Market of the London Stock Exchange and sold in keeping with Regulation S of the US Securities Act 1933.
The bank reported a 23 percent rise in net profit to SR1.07 billion in the first quarter of 2023.
The Islamic finance industry is forecast to grow in 2023-2024, driven by Saudi Arabia's robust banking system, according to a report from S&P Global Ratings, which expects around 10 percent growth across the industry in the aforementioned period.
The certificates will be listed on the International Securities Market of the London Stock Exchange and sold in keeping with Regulation S of the US Securities Act 1933.
The bank reported a 23 percent rise in net profit to SR1.07 billion in the first quarter of 2023.
The Islamic finance industry is forecast to grow in 2023-2024, driven by Saudi Arabia's robust banking system, according to a report from S&P Global Ratings, which expects around 10 percent growth across the industry in the aforementioned period.
