Business & Money | Tuesday 1 January, 2019 11:31 am |

Bidaya Home Finance ("Bidaya") has successfully completes its Series 2 Sukuk issuance under the recently established SAR 500 million Sukuk programme (“Sukuk Programme”). The total amount raised in relation to the Series 2 Sukuk was SAR 100 million; closing on December 26, 2018.

“Bidaya remains as the only mortgage finance company in the Kingdom of Saudi Arabia to access the domestic Sukuk market; thus, paving the way for the development of the debt capital markets in the country, in addition to the growth of the mortgage finance industry,” said Bidaya's CEO, Mazin Al Ghunaim. “There was wide appetite for the issuance with participation from a range of investors”

Riyad Capital acted as the Arranger and Dealer with respect to the Series 2 Sukuk issuance.   

Bidaya's Sukuk Programme is aimed at maximizing the utilization of Islamic capital markets, resulting in the diversification of the company's funding sources. It is an unprecedented initiative in the Saudi real estate market and in line with the Saudi Vision 2030 to facilitate homeownership for all Saudi citizens.