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.
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