Kingdom Installment redeems its 2006 Sukuk

Saudi Arabia’s Kingdom Installment Company (KIC) announces that it has redeemed its maiden Sukuk issued in 2006, despite the exceptionally difficult circumstances in the international capital markets.

KSA MBS I International Sukuk was lead arranged by Unicorn Investment Bank, which also acted as Shari’ah Advisor and, along with Standard Bank Plc, Joint Bookrunner to the transaction.

The Sukuk, which attracted investors from Europe, the Far East and the GCC, was credit enhanced by the International Finance Corporation (IFC), a member of the World Bank Group, and backed by real estate lease contracts developed by Dar Al-Arkan Real Estate Development Company (Dar Al-Arkan) based in Saudi Arabia.