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Riyad Bank

Riyad Bank sells $1bn Islamic bond

: Sunday, November 10 - 2013 @ 00:00

Saudi Arabia’s third-largest lender by market value, Riyad Bank has said it has sold an Islamic bond worth SR4bn ($1.07bn) through a private placement, Gulf Daily News has reported. The sukuk will be used to diversify its funding sources, extend the maturity of its funding and support the financing of Shari’ah-compliant business, the bank said. Riyad Bank is the latest Saudi lender to issue a riyal-denominated sukuk, tapping into a highly liquid local investor pool to secure cheaper, longer-term finance that would be hard to obtain through the loan market.

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Sunday, November 10- 2013 @ 0:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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