IslamicFinance.de

Saudi developer Salman Abdullah Bin Saedan Real Estate Group is planning a debut sukuk issuance in the coming months. Proceeds from the sukuk would be used for Saedan’s social housing projects, which aim to address a shortage of affordable residential properties in Saudi Arabia. The $1 billion sukuk programme will be set up by Ibdar Bank, which was formed in 2013 through a three-way merger of smaller Islamic lenders. The bank's Director of Capital Markets Ikbal Daredia said the sukuk programme would be listed on the Irish Stock Exchange with a possible listing on Nasdaq Dubai. Ibdar Bank aims to bring on board one or two international banks and regional partners as joint lead managers for the deal.