News: Saudi Investment Bank completes $533mln sukuk issue


By Cleofe Maceda and Seban Scaria - Saudi Investment Bank (SAIB) has completed its sukuk offering worth 2 billion riyals ($533 million), the specialist corporate lender said in a bourse filing on Wednesday.

The Tier 1 sukuk denominated in Saudi riyals offers a 6 percent a year fixed rate that is payable semi-annually from (including) the issue date.

The Saudi lender had announced last March its intention to issue a sukuk programme through a private placement.

SAIB's net profit for the first quarter of the year rose by 34.4 percent to 287 million riyals, driven by an increase in total operating income.