Development Works Food issues SAR-denominated Murabaha sukuk, Tier 1 set at SAR 5 mln

Details of the Sukuk Issue

Offering Type

SAR-denominated Murabaha sukuk

Offering value

Tier 1 sukuk are valued at a SAR 5 million with the final value to be determined after the completion of the offering period and based on the market conditions

Offering start date

Jan. 29, 2023

Offering end date

Feb. 18, 2023

Target investors

Natural and legal persons who are entitled to subscribe to the sukuk in the Kingdom.

Minimum subscription limit

One instrument at a nominal value of SAR 1,000

Offering price

SAR 1,000 per one instrument

Nominal value

SAR 1,000 per one instrument

Instrument yield

The sukuk will offer a yield rate on an annual basis at  11.72% for three months, 11.76% for six months, 11.86% for nine months or 11.90% for one year.

Maturity period

Varies according to the issue periods, starting from three months to one calendar year

Terms of redemption

Development Works Food may redeem sukuk in certain cases, as detailed in the sukuk issue prospectus, dated Jan. 26, 2023.

Offering manager

Dinar Investment Co. as the sole lead manager