Latest news with #AlinmaBank
Zawya
2 days ago
- Business
- Zawya
Saudi First Avenue secures $85mln Islamic facility from Alinma Bank
Saudi Arabia's First Avenue for Real Estate Development Co. has renewed and expanded the Shariah-compliant credit facility from Alinma Bank of 320 million riyals ($85.3 million). The 5-year facility will be used to support its acquisition plans and for the execution of its real estate projects. The developer has offered as guarantee promissory notes equal to the facility amount and a mortgage on the project land in favor of the bank. The proceeds from the finance project have also been assigned to Alinma Bank. (Writing by Brinda Darasha; editing by Daniel Luiz)
Argaam
26-05-2025
- Business
- Argaam
AOL secures SAR 15M credit facilities from Alinma Bank
Academy of Learning Co. (AOL) obtained SAR 15 million Shariah-compliant credit facilities from Alinma Bank. In a statement to Tadawul, the company said that the funding period is five years starting from May 25, 2025. The amount is covered by a guarantee pursuant to a fine and solidarity bond declaration from the Chairman of the board of directors and a promissory note submitted by AOL to the bank. AOL aims to obtain these facilities in order to expand and increase its revenues in the upcoming period, in line with its strategy and future plans, the statement added, indicating that no related parties are included in the deal.
Zawya
23-05-2025
- Business
- Zawya
Alinma continues Saudi AT1 splurge: IFR
Alinma Bank became the fourth Saudi Arabian bank in less than a month to issue in the US dollar AT1 market, with its deal coming in line with where the two most recent ones priced. Alinma, which is a publicly listed Islamic bank, though wealth fund Public Investment Fund also owns a 10% share, showed liquidity hasn't dried up despite the supply glut in recent weeks. Its deal on Tuesday came days after Saudi Awwal Bank and Bank Albilad both issued, with Banque Saudi Fransi kicking off this round of supply in late April. With the exception of BSF, the other three were issued in sukuk format. All have come tight, even though secondary market performance hasn't held up, with the deals preceding Alinma trading below par. Against that context, a lead banker said the outcome of the Alinma trade "was strong". As with Awwal and Albilad, Alinma was issuing a perpetual non-call 5.5-year AT1 note. There were subtle differences between the three. Awwal and Albilad were making their debuts; Alinma was returning with its second trade. Alinma and Awwal both had ESG labels – sustainable in the case of Alinma and green for Awwal. Albilad didn't have an ESG label. Also, Awwal's structure was not compliant with AAOIFI standards, so its buyer base was limited as UAE banks were not allowed to participate. In contrast, both Alinma and Albilad were AAOIFI-compliant. Alinma opened books on its deal at the 7% area. But with final orders at over US$1.75bn, the bank was able to print US$500m at 6.5%. The yield was in line with where Awwal and Albilad landed, though size-wise Alinma's deal was smaller, with the other two raising US$650m each. The lead said the bank "didn't push on size" given the tight pricing. He also said the AAOIFI compliance was "less relevant" for demand because of the amount of recent supply. Faisal Ali, senior portfolio manager at Azimut, said the price came in line "with our fair value target". "We were hoping to see some concession on Alinma given elevated supply from the Saudi AT1 space. However, given the demand for high-yield sukuk, the deal got done without the bank leaving anything on the table," he said. He said the bank's credit profile is supported by its stable asset quality combined with high reserves that cover non-performing loans, rising profitability and solid funding and liquidity profile. That credit strength is balanced by the bank's concentrated loan book as well as its funding profile. "The bank has experienced high growth over the last few years, which translates into an unseasoned loan book. Asset quality is likely to weaken going forward, thereby putting some pressure on reserves and capital buffers," he said. Alinma is rated A2 by Moody's and A– by Fitch. Abu Dhabi Islamic Bank, Alinma Capital, Emirates NBD Capital, JP Morgan, Goldman Sachs and Standard Chartered were the lead managers.
Zawya
21-05-2025
- Business
- Zawya
Saudi Alinma Bank's $500mln AT1 sukuk offering launched
Saudi Arabia's Alinma Bank, rated A2 (Stable) by Moody's, and A- (Stable) by both S&P and Fitch, has launched its US dollar-denominated $500 million sukuk with a yield set at 6.5%. Its IPTs were in the 7% area. The sustainable perpetual non-call 5.5-year AT1 offering has an order book in excess of $1.75 billion, excluding JLM interest. The mudaraba sukuk, which comes under Alinma's $1 billion AT1 Capital Certificate Issuance Programme, will be listed on the London Stock Exchange's International Securities Market. Banks mandated include Abu Dhabi Islamic Bank, Alinma Capital, Emirates NBD Bank, Goldman Sachs, JP Morgan Securities and Standard Chartered Bank, which have been appointed as joint lead managers and bookrunners. (Writing by Bindu Rai, editing by Seban Scaria)
Argaam
21-05-2025
- Business
- Argaam
Alinma Bank says circulated news about system failure for 3 days inaccurate
Alinma Bank stated that the news circulating on the suspension of banking services for three days without any clarification or apology is inaccurate. In a statement, the bank said that its systems have undergone scheduled updates in accordance with the usual and periodic procedures carried out by all financial institutions, in accordance with the instructions issued in this regard, to ensure the integrity of the systems and the smooth implementation of banking operations. Clients were also informed of the update procedure as usual by sending text messages that included the update period (from 12:00 AM on Friday, May 16, 2025, until 12:00 PM on the same day). The bank also noted that limited services were affected by this partial update, which was implemented in accordance with the highest standards, contributing to a superior banking experience for all clients. Alinma Bank further explained that all of the bank's systems returned to normal operation immediately after the update, with high efficiency and effectiveness, and in accordance with the highest standards. It also explained that all of the communication channels were utilized to receive and respond to client inquiries with precision, clarity, and transparency. Meanwhile, the bank affirmed its continued commitment to providing the best services to its clients and ensuring smooth banking transactions according to the highest standards, as part of its ongoing commitment to all regulatory and oversight controls issued by legislative bodies that safeguard the rights of its clients and shareholders.
