• 03 Jan

    Bidaya Home Finance successfully completes Series 2 Sukuk issuance

     

    BIDAYA Home Finance has successfully completed its Series 2 Sukuk issuance under the recently established SR500 million Sukuk program. The total amount raised in relation to the Series 2 Sukuk was SR100 million, closing on Dec. 26, 2018.

     

    “Bidaya remains as the only mortgage finance company in the Kingdom of Saudi Arabia to access the domestic Sukuk market; thus, paving the way for the development of the debt capital markets in the country, in addition to the growth of the mortgage finance industry,” said Bidaya’s CEO, Mazin Al Ghunaim. “There was wide appetite for the issuance with participation from a range of investors”

     

    Riyad Capital acted as the Arranger and Dealer with respect to the Series 2 Sukuk issuance.

     

    Bidaya’s Sukuk Program is aimed at maximizing the utilization of Islamic capital markets, resulting in the diversification of the company’s funding sources. It is an unprecedented initiative in the Saudi real estate market and in line with the Saudi Vision 2030 to facilitate homeownership for all Saudi citizens.


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