Alinma Bank Plans U.S. Dollar-Denominated Sukuk Issuance

Alinma Bank announced on Monday its intention to issue U.S. Dollar-denominated sukuk, pursuant to a Board of Directors resolution authorising the CEO to exercise the necessary authority on behalf of the Bank to issue sukuk, subject to the Trust Certificate Issuance Programme (the “Proposed Offer”).

According to a statement published on Tadawul, the issuance is expected to be conducted by a special purpose vehicle through an offering directed to eligible investors inside and outside the Kingdom of Saudi Arabia.

Alinma Bank stated that the offering is intended for general banking purposes, noting that the value and terms of the offering will be determined according to market conditions.

The Bank has mandated Abu Dhabi Islamic Bank PJSC, Alinma Capital Company, Dubai Islamic Bank PJSC, Emirates NBD Bank P.J.S.C., Goldman Sachs International, J.P. Morgan Securities PLC and Standard Chartered Bank as Joint Lead Managers in relation to the Proposed Offer.

It is worth noting that the offering of the sukuk is subject to the approval of the relevant regulatory authorities and will be conducted in accordance with applicable laws and regulations.