Alinma Bank hires JPMorgan Saudi Arabia for riyal sukuk

Alinma Bank hires JPMorgan Saudi Arabia for riyal sukuk

RIYADH: Alinma Bank has mandated Alinma Investment Company and JPMorgan Saudi Arabia to sell a sukuk in Saudi riyals. The size of the offering will depend on market conditions, it said in a filing to the Tadawul stock exchange on Wednesday. "The purpose of the potential offer is to strengthen the bank's capital base in accordance with the Basel III framework agreement,“ it said in the filing. Saudi companies have increased sukuk issuance in recent months. Saudi Aramco on Wednesday launched its first US dollar-denominated sukuk, which will be issued in three tranches, according to a term sheet seen by Reuters.