RIYADH: Al Rajhi Banking and Investment Corp., the Kingdom’s largest valued bank, has completed the offering and subscription of Tier 1 Sukuk denominated in Saudi Riyals, valued at SR10 billion ($3 billion).
The rate of return is reset on Nov. 16, and is reset every five years following the first reset date, according to a bourse filing.
The sukuk allocation is expected to be completed by Nov. 13, and the settlement is scheduled for Nov. 16.
Surplus refunds will be provided to eligible investors on Nov. 16, after which the Sukuk will be listed and traded on the Saudi stock exchange, Tadawul
