The Ministry of Finance, represented by the Public Debt Management Office, announced the completion of the establishment of the Sukuk program in Saudi Riyals of indefinite duration or value on Shawwal 26, 1438H corresponding to July 20, 2017, through which it will issue Sukuk, and offer them in several stages from time to time to investors; at the discretion of the Ministry of Finance authorized by the budget decree.

The terms and conditions of each Sukuk issuance will specify the categories entitled to subscribe to the Sukuk, the size of the offering, the expected return for Sukuk holders, and other details. The terms and conditions of each issuance of the program will specify the categories entitled to subscribe to the Sukuk, the size of the offering, the expected return for Sukuk holders, and other relevant details.

The Ministry is also announcing that the Sukuk issuance has been approved by the Ministry of Finance. The Ministry also announces that the Sukuk program file has been submitted to the Capital Market Authority (CMA).

The establishment of the Sukuk program complements the role of the Public Debt Management Office in securing the financing needs of the State Treasury at the best possible cost, in line with the objectives of the Financial Balance Program, and in support of the Sukuk market in the Kingdom of Saudi Arabia.

The Ministry also announces the submission of the Sukuk program file to the Capital Market Authority.