The National Commercial Bank of Saudi Arabia intends to issue additional sukuk denominated in riyals.

The National Bank of Saudi Arabia announced in a statement via the Saudi Tadawul platform its intention to issue additional Tier 1 sukuk denominated in Saudi riyals, clarifying that the issue size and terms will be determined based on market conditions. Additionally, the National Bank of Saudi Arabia added that the potential offering will be presented to investors and offered to qualified investors within the Kingdom of Saudi Arabia. The National Bank of Saudi Arabia has appointed Ahlia Financial Company exclusively as the bookrunner, lead coordinator, and principal manager concerning the potential sukuk offering. The potential issuance of Islamic sukuk aims to enhance the bank's capital base in accordance with the Basel III framework, noting that the sukuk issuance is subject to the approval of the relevant regulatory authorities and will be carried out in accordance with the applicable laws and regulations. As of the close of the Saudi stock exchange today, shares of the National Bank of Saudi Arabia (TADAWUL: 1180) declined by 1.19%, ending trading at 33.25 riyals.