Bank AlJazira it intends to redeem all of its SAR-denominated Tier 2 sukuk, worth SAR 2 billion, on Dec. 8.
The sukuk, originally due in 2031, will be redeemed at par value, equivalent to 100% of their issue price, at the end of the fifth year from the issuance date, the bank said in a statement to Tadawul.
The terms and conditions allow the bank to call the sukuk on the periodic distribution date falling on Dec. 8, 2026. Bank AlJazira said it had obtained approval from the relevant regulatory authorities.
The redemption amount, along with any accrued and unpaid periodic distributions, will be paid to eligible sukuk holders on Dec. 8.
The issuance comprises 2,000 sukuk, each with a nominal value of SAR 1 million. The outstanding value of the issuance will fall to zero following the redemption.
