Saudi refinance firm plans Islamic bond issues to fund mortgage drive | Reuters:
Government-owned Saudi Real Estate Refinance Co (SRC) plans to begin issuing Islamic bonds in coming months to finance its drive to expand the kingdom’s home mortgage market, its chief executive said on Monday.
Founded in 2017 by the Public Investment Fund (PIF), the country’s top sovereign wealth fund, SRC has so far operated with financing from the PIF and short-term deals with banks.
It will now begin issuing sukuk to raise money, first in Saudi riyals but eventually in foreign currencies to attract international investors, Fabrice Susini said in an interview.
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