The growth in Islamic finance has slowed with the deepening credit crunch but the Saudi Binladin Group has raised the first sukuk for the world’s most holy boom town: Mecca.
The assets of the Jeddah-based Binladin Group are backing the five-year Islamic bond, worth a riyal equivalent of $267 million. The proceeds will go towards the construction of a five-star hotel in Mecca, the most holy city in Islam.
This is also the first sukuk to be issued by a Saudi family office.
"One of the goals of the Saudi Binladin Group is to support the capital markets of...
