One transaction alone cemented Al Rajhi Bank’s claim to be the best sukuk house this year. On March 29, 2023, the world’s biggest Islamic bank by assets and market capitalization closed its first US dollar sustainable sukuk.
The bank spent the months before priming a jittery market for the inaugural $1 billion five-year deal. The first issuance in the international dollar capital markets seemed an obvious progression after two highly successful local issues in 2022.
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