Saudi Sovereign Fund Issues 3.5-bln-USD Of Islamic Bonds

RIYADH, (APP - UrduPoint / Pakistan Point News - 20th Oct, 2023) -- Saudi Arabia's Public Investment Fund (PIF) introduced on Thursday its first-ever dollar-denominated Islamic bonds called sukuk.

The total amount of the sukuk is 3.5 billion U.S. dollars, with 2.25 billion Dollars set to mature in 2028 and 1.25 billion dollars in 2033, the PIF said in a statement.

"The sukuk issuance was more than seven times oversubscribed, with orders exceeding 25 billion U.S. dollars, reflecting investor confidence in PIF," said the statement.

These sukuk certificates will be listed on the London Stock Exchange, and the PIF will use the money raised from this issuance for its general corporate needs, said the statement.

This sukuk issuance is part of PIF's new international trust certificate program and fits into its larger plan to raise capital over the medium term.