Saudi Arabia opens August ‘Sah’ sukuk with 4.7% annual return
Saudi Arabia has opened subscriptions for its August “Sah” savings sukuk, offering a fixed annual return of 4.70 percent, up from 4.60 percent in the previous month’s issuance. The subscription window opened at 10 a.m. Saudi time on Aug. 2 and will close at 3 p.m. on Aug. 4, according to the National Debt Management Center. The Shariah-compliant sukuk is denominated in Saudi riyals, carries a one-year maturity, […]
IsDB Group to bring together ministers from 57 member countries
The Islamic Development Bank (IsDB) Group is set to host its 2023 IsDB Group Annual Meetings in Jeddah from May 10 to 13 bringing together a large spectrum of stakeholders, including ministers from the 57 member countries. Held under the patronage of The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, […]
IsDBI, IFSD, and OPHI organize training for IsDB Group staff
Jeddah, Kingdom Saudi Arabia: The Islamic Development Bank Institute (IsDBI), Islamic Solidarity Fund for Development (ISFD), and Oxford Poverty and Human Development Initiative (OPHI) jointly organized a training workshop on measuring multidimensional poverty. The workshop was designed to build the capacity of IsDB Group staff in producing data-driven research that supports evidence-based policymaking. The training […]
Halwani Bros obtains nearly $61.6mln funding from Al Rajhi Bank
Halwani Bros Company has secured SAR 230.83 million total funding from Al Rajhi Bank after it penned an amendment of existing Sharia-aligned compliant financing agreement with the lender to endorse the working capital and reduce finance costs. The funding includes SAR 210 million allocated for the working capital until the end of July 2023. […]
SPIMACO obtains $239.44mln loans from SABB, Al Rajhi Bank
Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) secured two loans worth SAR 900 million with Saudi British Bank (SABB) and Al Rajhi Bank on 28 December 2022. The two facilities are guaranteed by promissory notes with the total value of the loans in favour of the lenders, according to bourse disclosures. SABB SPIMACO inked […]
Saudi Kayan signs murabaha facility worth $800mln
Saudi Kayan Petrochemical Co. has signed murabaha revolving credit facility agreement for 3 billion riyals ($800 million) with Saudi National Bank. The five-year facility will utilised to meet the working capital requirements, the maker of specialty chemicals and polymers said on Tuesday in a regulatory filing on Tadawul where its shares trade. […]
Aljazira Takaful sees 24% higher profits in 9M-22 initial results
Aljazira Takaful Taawuni Company posted a 23.83% jump in net profit before Zakat to SAR 26.15 million during the first nine months (9M) of 2022, versus SAR 21.12 million in 9M-21. The earnings per share (EPS) edged down to SAR 0.44 during the January-September 2022 period, compared to SAR 0.45 in 9M-21, according […]
Bank Aljazira’s profits hit $230.66mln in 9M-22 interim results
Bank Aljazira generated SAR 865.30 million in net profit during the first nine months (9M) of 2022, an annual jump of 11.32% from SAR 777.30 million. The earnings per share (EPS) increased to SAR 1.01 in 9M-22, versus SAR 0.92 during the same period a year earlier, according to the initial financial results. […]
PIF launches new company to promote Saudi Arabia as a global Halal hub
The Public Investment Fund (PIF) launched on Monday the Halal Products Development Company (HPDC), which will invest in localizing the Halal production industry in Saudi Arabia by increasing the efficiency of the ecosystem locally, while supporting the development of knowledge and innovation in this key industry, with plans to export to different markets […]
SABB Takaful pens $4.53mln deal with Al Olayan Group
SABB Takaful Company inked a SAR 17.31 million contract with Al Olayan Group on 30 September 2022 for general insurance programmes. The value of the contract represents more than 1% of the Saudi listed firm’s revenues in 2021, according to a recent bourse filing. SABB Takaful noted that the deal will reflect on its […]