Anna hopes to be remembered by fellow club members as a welcoming, warm-hearted, and fun-loving individual
“The successful closure of this Sukuk puts SHB as the first bank in the
He added that the decision to support the bank’s capital is aimed to help SHB achieve its plans to grow its Shariah-compliant services and products to meet client requirements and also to achieve higher returns for shareholders.
The Sukuk is a Floating Rate Note (FRN) with tenor of 10 years, with an option to call it at the end of 5 years. Investors will receive a return of SIBOR (Saudi interbank offered rate) plus 2 per cent per annum to be distributed bi-annually. The principal investment amount will be returned as a bullet payment on maturity.
Geoff Calvert, SHB’s managing director, explained, that the SR775 million Mudaraba Sukuk was a Shariah-compliant follow-up to the bank’s first Tier-II capital bond for 700 million that was issued in 2004.“SHB’s Sukuk issue is the first by a bank in the
“The kingdom is one of the fastest growing markets in the world for Islamic banking and finance and with this Sukuk issue, SHB extends its long tradition of bringing innovative financing solutions to the Saudi market,” Al Khafrah said.
He thanked SHB’s Shariah Committee for their guidance and support in the Sukuk transaction. Calvert said that the bank has successfully closed this issue with a positive response from a number of major institutional, corporate and private clients.
Anna hopes to be remembered by fellow club members as a welcoming, warm-hearted, and fun-loving individual
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