Bank Al-Jazira starts offering additional sukuk worth 5 billion riyals.

Al-Jazeera Bank announced in a statement to the Saudi Stock Exchange (Tadawul) on Thursday the launch of the first tranche of its Saudi Riyal-denominated sukuk worth 5 billion riyals, through a private subscription in the Kingdom of Saudi Arabia.

Al-Jazeera Bank also clarified that the value of the issuance, the terms of the sukuk offering, the sukuk price, and the return will be determined based on market conditions, announcing the start date of the offering from today, Thursday, with the sukuk offering process set to end on January 8, 2025.

Additionally, the Saudi bank stated that the minimum subscription amount is one million riyals, and the nominal value also stands at one million riyals; noting that institutions and eligible investors according to regulatory rules in the Kingdom are the targeted class for the sukuk issuance.

Moreover, Al-Jazeera Bank appointed Al-Jazeera Financial Markets (Al-Jazeera Capital), Al-Rajhi Financial, and HSBC Saudi Arabia as the arrangers for the sukuk issuance and dealers.