Bidaya Home Finance issues SAR 300 mln Sukuk

Bidaya Home Finance launched SAR 300 million two-years Sukuk, the company announced on Monday.

The move is part of the company’s recently established SAR 1 billion Sukuk program, the statement said, adding that Riyad Capital acted as the arranger and dealer for the SAR 300 million Sukuk.

Bidaya's Sukuk program is aimed at maximizing the utilization of Islamic capital markets, resulting in diversification of the company's funding sources, the statement also said.

In October this year, the company announced the repayment in full of the first tranche of its SAR 500 million Sukuk program worth SAR 250 million.