Alawwal Bank plans to fully redeem its SAR 1.4 billion sukuk maturing 2021 on Nov. 26, the lender said in a statement to Tadawul on Sunday.

 

In 2012, the bank issued 1,400 sak with a face value of SAR 1 million each, a seven year maturity with redemption in Nov. 2017.

 

The bank has already obtained required regulatory approvals, the statement said.

 

The redemption amount along with the periodic distribution amount for the period ending Nov. 26 will be transferred to the Sukuk holders’ accounts on that same date. 

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