The Kingdom of Saudi Arabia’s $5.5 billion dual-tranche sukuk was notable above all for the way it translated a complex Shariah structuring exercise into a benchmark sovereign financing.
The transaction was the Kingdom’s first Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)-compliant sukuk issued under its newly established ijarah sukuk programme, creating a framework intended to meet the requirements of Islamic investors that can only participate in AAOIFI-compliant structures. That mattered because the programme had to be shaped not only around religious compliance but also around the legal and regulatory requirements of multiple jurisdictions.
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