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ISLAMIC FINANCE

SEC issues $1.3bn international green sukuk
September 16, 2020

Saudi Electricity Company (SEC), the largest utility company in Mena, has completed a dual tranches RegS international Green Sukuk issuance, with five and 10 year tenors, in amounts of $650 million for each tranche.

The launch of the Green Sukuk Issuance was announced on September 10, and SEC completed a very successful transaction in intraday execution on the same day with almost 4x oversubscriptions. The order book came in excess of $5.2 billion and"...

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Saudi Arabia's zakat authority gets Europe's certificate of excellence
August 19, 2020

RIYADH — Saudi Arabia’s General Authority of Zakat and Tax (GAZT) has bagged a top award for being committed to the standards of the European institutional excellence model.

General Authority of Zakat and Tax (GAZT) has recently received a 'Committed to excellence' 2 Star certificate from the European Organization for Quality Management (EFQM).

EFQM is a not-for-profit membership foundation in Brussels, established in"...

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Sixth Islamic Finance Executive Program to be held in Jeddah
March 2, 2020

JEDDAH — The sixth International Executive Program in Islamic Finance is scheduled to be held from 19-22, 2020 in Jeddah. The program is a joint initiative of the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group Islamic Economics Institute of King Abdulaziz University-Jeddah, Saudi-Spanish Center for Islamic Economics and Finance (SCIEF) and IE Business School, Madrid.

Designed for executives interested"...

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Saudi Dar Al-Arkan seeks investors ahead of sukuk offering
February 16, 2020

DUBAI: Saudi Arabia’s Dar Al-Arkan Real Estate Development Co. has mandated banks to arrange meetings with fixed-income investors from Monday in the United Arab Emirates and London ahead of a planned 7-year sukuk issuance, a lead manager said.
The Saudi company has hired Alkhair Capital, Citigroup, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank, Nomura, Standard Chartered Bank and Warba Bank as joint lead managers and bookrunners,"...

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