Bidaya Home Finance’s first sukuk issuance successful

01/05/2018 Argaam

 

Bidaya Home Finance’s first sukuk issuance of SAR 250 million was successful in April, the firm said in a statement.

 

The issuance was offered to a wide range of investors, government institutions, asset managers, financial firms and Saudi family-owned businesses, said Mazin Al Ghunaim, Bidaya Home Finance CEO.

 

The company is the first home financier to issue sharia-compliant sukuk in the Kingdom, he said.

 

Ashmore Investment Saudi Arabia was the lead arranger for the issuance, while Albilad Capital acted as the agent.

 

Bidaya Home Finance launched operations in January 2016, with a SAR 900 million capital. The Public Investment Fund (PIF) is the majority shareholder in the company, with a stake of 22.2 percent, according to data compiled by Argaam.

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