Bidaya Finance Company Announces Full Repayment of Second Sukuk Program, Valued at SAR 300 Million

Bidaya Finance Company (Bidaya) announced that it has repaid in full SAR 300 million tranche of its second Sukuk program of SAR 1 billion.

Bidaya has successfully repaid seven Sukuk tranches, with a total of SAR 1.35 billion, since 2018. The SAR 300 million tranche was issued in August 2021 and was used to finance the company’s financing activities.

Mr. Mahmoud Dahduli, Bidaya’s CEO said “With a prudent approach to managing our liabilities, strong cash generation and robust liquidity, Bidaya continues to be better placed than ever to deliver value and further build our retail and corporate business lines. We have repaid this financing out of our existing financial resources and was made possible by our continued strong financial performance and cash generation of the business in particular. We are grateful to our banking partners and Sukuk investors for their ongoing commitment, support and confidence in our Sukuk offerings and in the strength of our business.

About Bidaya:

Bidaya Finance is the first digital platform in the field of financing individuals and companies. It was established in Riyadh in 2015 with a capital of SAR 900 million. Bidaya offers many residential and commercial financing products to citizens and residents, which comply with the provisions and principles of Islamic Sharia.

Bidaya Finance is subject to the control and supervision of the Central Bank of Saudi Arabia