Riyad Bank to issue SAR 4 bln Sukuk

05/05/2015 Argaam
Riyad Bank plans to issue 
​I
slamic bond
​s​
, or 
​S
ukuk, worth SAR 4 billion through a private placement to boost its capital and expand its credit activities, the lender said in a statement to the Saudi exchange. 
 
The 
​bonds
, which 
​were
 approved by 
​the ​
Saudi Arabian Monetary Agency, or the central bank, 
​have ​
a lifespan of 10 years but can be repaid at the end of the fifth year
​.​
 
​In April, the bank's general assembly had agreed to issue Sukuk, pending regulatory approval from local authorities.

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