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.