Saudi finance ministry says domestic Sukuk programme established

RIYADH — An unlimited SAR-denominated Sukuk Program has been completed to issue and offer Sukuk in multiple issuances to investors, pursuant to the Saudi Royal Decree approving the budget, the Saudi Ministry of Finance, acting through the Debt Management Office, announced in a statement Sunday.

The terms and conditions of each issuance will set out the details of such issuance including, but not limited to, the types of eligible investors, the size of the issuance and the expected returns.

The Saudi ministry also stated that it has submitted the Sukuk Program file to the Capital Market Authority.

The establishment of the Sukuk Program comes as a part of the Debt Management Office’s role in securing the Kingdom of Saudi Arabia’s financing needs with best financing costs. The program will also contribute to the fulfillment of the objectives of the Fiscal Balance Program and to the development of the Saudi Sukuk market.

Source: Emirates News Agency