AJIL Financial Services Company C.J.S.C. has successfully issued its first off-balance sheet Sukuk in the Kingdom of Saudi Arabia for 500 million Saudi Riyals. The inaugural Sukuk was priced at 3 month SAIBOR plus 80 basis points with an Issue Price at par.
The Sukuk is issued by AJIL Cayman, a limited liability special purpose company incorporated in the Cayman Islands. The Sukuk holders will also benefit from a purchase undertaking issued by Riyad Capital and Gulf International Bank BSC, the first time such a credit enhanced structure has been employed in the Saudi domestic capital markets.