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- Lebanon receives preliminary approval to increase World Bank loan to $400m
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02/06/2016 05:49 AST
Saudi Arabia's Bank Al Jazira has priced a SR2 billion ($533 million) sukuk issue that will boost the lender's capital reserves, a source aware of the matter said on Tuesday.
One of the kingdom's smallest banks by assets, Bank Al Jazira priced the transaction at 190 basis points over the six-month Saudi interbank offered rate (SAIBOR).
The Islamic bond issue, which will improve its supplementary Tier 2 capital level, is structured with a ten-year lifespan but includes an option for the lender to redeem the sukuk after five years.
It was arranged by GIB Capital as well as the bank's own investment banking arm.
Bank Al Jazira did not respond immediately to a request for comment.
Saudi Arabian lenders have been selling capital-boosting sukuk in the past two years to increase their reserves after a long period of strong loan growth in the kingdom.
Bank Al Jazira's total capital adequacy ratio (CAR) - a combination of core Tier 1 and Tier 2 capital and a key indicator of financial health - is one of the lowest among Saudi lenders but remains high compared with Western banks.
According to its financial statements, Bank Al Jazira's CAR was 15.08 percent at the end of March, against a regulatory minimum of 8 percent.
Saudi Gazette
09/10/2017
Bank AlJazira (BAJ) has teamed with blockchain mobile-identity platform ShoCard and FinTech firm Ateon to enhance its services and protect clients' information.
Eestablished in 1975, Bank
Block Tribune
08/06/2017
Bank Al Jazira has signed an agreement with Geidea, the leading provider of unique innovative information technology solutions, to launch "Mobile POS" service for the first time in the Kingdom. This
Saudi Gazette
14/02/2017
The Saudi Stock Exchange (Tadawul) announces the listing and trading units of Al Jazira Real Estate Investment Traded Fund "Al Jazira Mawten REIT" as of Wednesday 15/02/2017, with the symbol 4331 in
Tadawul
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26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
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