Islamic Dollarization

Islamic Dollarization

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  • Saudi National Bank (SNB) has announced its plans to issue USD-denominated senior unsecured sukuk under its international sukuk program, as updated on December 14, 2023. The issuance aims to be facilitated through a special purpose vehicle and will be made available to qualified investors both locally and globally, according to a statement provided to Tadawul. The specific amount and terms of the offering are yet to be finalized, pending market conditions.

  • However, SNB intends to allocate the proceeds from the offering towards its general corporate purposes, as well as to support its financial and strategic objectives, enhancing its operational capabilities and growth prospects. To facilitate the issuance, SNB has appointed a consortium of financial institutions, including Emirates NBD, Dubai Islamic Bank (DIB), Goldman Sachs International, HSBC Bank, Mizuho International, SNB Capital, and Standard Chartered Bank, as joint lead managers and bookrunners.

Why it matters

The issuance will be subject to approval from relevant regulatory authorities and conducted in compliance with applicable laws and regulations.


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