SRC completes issuance of SAR 2 bln sukuk

16/12/2021 Argaam

Saudi Real Estate Refinance logo

Saudi Real Estate Refinance Co. (SRC), wholly-owned by the Public Investment Fund (PIF), successfully completed its second sukuk issuance this year, at a value of SAR 2 billion.

 

The company said on its official Twitter that the sukuk issuance was covered by more than double. The increase came with the aim of raising the percentage of home ownership by offering facilitated financing options.

 

The sukuk issuance is guaranteed by the government, and it will help support its main activity, including the purchase of real estate portfolios to increase the rate of home ownership and help reduce the fixed yield rate in the mortgage market.

 

Furthermore, the program will develop a secondary real estate finance market in the Kingdom, thus raising the efficiency and stability of the local housing market.

 

The company announced in March it successfully completed its dual tenor SAR 4 billion ($1.067 billion) sukuk issuances, according to Argaam's data.

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