Saudi Arabia’s Kingdom Instalment Company is planning to come to market with its second Shariah-compliant Saudi Arabian securitization transaction, the second part of its KSA MBS residential mortgage-backed programme. Kingdom’s announcement comes a month after Tamweel, a Dubai mortgage lender, finalized its plans to sell up to $1.1 billion of sukuk bonds, with a $300 million Shariah-compliant tranche backed by residential mortgages.
KIC previously came to the market in July 2006 with a $18 million 14-year securitization deal.
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