Tuesday 16, October 2018 by Kudakwashe

Maalem Financing raises SAR 100 million in debut Sukuk

 

The Shari’ah-compliant commercial and consumer financing firm seeks to develop a crowdfunding product and expand its operations.

Saudi based Maalem Financing has raised SAR 100 million from a debut sale of Sukuk, reported Reuters.

John Sandwick, a member of Maalem's Board of Directors, said that the three-year unsubordinated deal was sold through a private placement and the firm could tap the market again as early as January next year.

The debut transaction used a structure known as Murabahah, a cost-plus-profit arrangement commonly used in the Kingdom and the firm hopes to use an asset-backed structure for future deals.

Albilad Capital, the investment banking unit of Bank Albilad, served as sole lead manager and arranger of the Islamic bonds.

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