Alinma Bank sets up special purpose vehicle for financial derivatives in Cayman Islands

06/02/2022 Argaam
Logo of Alinma Bank

Logo of Alinma Bank

Alinma Bank  established a special purpose vehicle (SPV), Alinma SPV Ltd., licensed in the Cayman Islands, with authorized capital of SAR 187,500 ($50,000), the lender said in a statement to Tadawul. 

 

The step came after obtaining the Saudi Central Bank’s (SAMA) no objection dated Nov. 29, 2021. 

 

The company will be engaging in the execution of financial derivatives transactions and repurchase agreements with international banks, the bank said, adding that the SPV will not have any financial impact on its statements. 

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