Khaleeji Commercial Bank finalises $159m Sukuk issuance
- Date: 05-Aug-2020
- Source: Mubasher
- Sector:Financial Services
- Country:UAE
Khaleeji Commercial Bank finalises $159m Sukuk issuance
Dubai - Mubasher: Khaleeji Commercial Bank has closed $159 million Sukuk issuance fully covered by GFH Financial Group as the sole subscriber, according to a press release on Wednesday.
Issued following the approval of regulatory authorities and the extraordinary general meeting (EGM), the Sukuk aims to reinforce the bank's capital, financial position, and business development.
Previously, the bank's shareholders have supported the bank to issue Sukuk as Additional Tier 1 capital valued at $200 Million to strengthen the bank's capital base.
The KHCB CEO, Sattam Sulaiman Algosaibi, said: "The successful closing of the AT1 reflects the bank's well-thought-out financial and investment approach in opting for the best solutions to support the capital and develop the business towards
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