Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Le Pen vows to appeal political ban, calls verdict a 'denial of democracy'    Death toll from Myanmar earthquake rises to 2,719 as rescue efforts continue    Russia, Ukraine trade blame over new energy strikes    Putin orders Russia's largest military call-up in over a decade    Albania hosts MWL chief for Eid sermon at largest mosque in the Balkans    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up    Bollywood actress vindicated over boyfriend's death after media hounding    Saudi Arabia hold Japan to goalless draw in Saitama to stay in World Cup hunt    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Waleed Al-Mogbel: The success of over a Anchorbillion dollar sustainable financing for Al Rajhi Bank 13 international, regional, and local financial institutions participated
Waleed Al Published in The Saudi Gazette on 20 - 09 - 2022

Mogbel, CEO of Al Rajhi Bank, announced thatthe bank has successfully concluded a 3-year dual tranche Sustainability Commodity Murabaha Facility with total amount exceeding $1 Billion, making Al Rajhi the first Islamic financial institution in the world to conclude such Shariah-compliant sustainability financing (use of proceeds).
This transaction is considered the largest Shariah-compliant Syndication in the Middle East that complies with the Environmental, Social, and Governance (ESG) practices. The deal was well received in the international and regional markets as Al Rajhi succeeded in increasing the financing from the initial offered amount for which a diversified group of 13 global investors from North America, Europe, Asia and the Middle East participated in the landmark transaction.
The proceed aimed to increase the bank's liquidity levels, which will have a positive impact on the overall Bank's business activities.
The syndication, which was led by "HSBC" and "SMBC International Bank" as Mandated Lead Arrangers and Bookrunners.
The participation of global institutions is reflecting the trust in Al Rajhi Bank's overall business activities, market share and market positioning. It also demonstrates the bank's commitment to environmental and social sustainability, as all proceeds from this financing will be allocated to qualified sustainable projects that are Sharia-compliant and have a positive impact, as specified in the bank's framework of sustainable financing.
This is considered the first ESG syndication loan in accordance with the bank's sustainable financing framework, which was established to facilitate the financing in accordance with theESG principles. Standard Chartered Bank assisted Al Rajhi Bank in developing the sustainable finance framework.
S&P Global assessed the framework as an independent entity and confirmed that it complies with the Green Loan Principles, Social Loan Principles, Environmentally Friendly Bond Principles, Social Bond Principles and Sustainability Bond Guidelines of ICMA.

Clic here to read the story from its source.