Tamweel Aloula launches SAR 500M capital sukuk program

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Tamweel Aloula Company has appointed Impact46 as a financial advisor and arranger on its maiden sukuk program.

 

In a statement to Argaam, the company said the SAR 500m Additional Tier 1 Capital Sukuk Program is the first of its kind for a non-banking financial institution in the Kingdom.

 

 The sukuk is perpetual with a call option after five years when the issuer has the right to redeem the sukuk at face value.  The sukuk is classified as Tier 1 capital for regulatory purposes and the Sukukholders may deduct the sukuk from their Zakat base for Zakat purposes.

 

The sukuk are offered to eligible investors in Saudi Arabia and the first issuance is expected to close before the end of Q3 2024. It will be registered with Edaa with a view of a direct listing after the transaction closes

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