Riyad Bank Recognised for Best Sustainability Initiative - Tier 1 Sustainable Sukuk
Riyad Bank issued a USD 750 million Tier 1 Sustainable Sukuk, growing sustainable assets to $1.5 billion - earning our Best Sustainability Initiative Award.
15 October 2024, Riyadh: We're pleased to recognise Riyad Bank with our Best Sustainability Initiative Award for its landmark USD 750 million Tier 1 Sustainable Sukuk issuance.
Completed in September 2024, this is one of the most significant sustainable finance instruments issued by a Saudi bank. The Additional Tier 1 Sustainable Sukuk grew Riyad Bank's allocated sustainable assets to USD 1.5 billion - a figure that puts the bank among the leaders in the Gulf for ESG-linked capital markets activity.
What makes this particularly noteworthy is the combination of sustainability and Islamic finance. Sustainable sukuk must satisfy both ESG criteria and Sharia compliance - a dual hurdle that adds complexity to structuring but also creates a product with broad appeal to values-driven investors globally.
Riyad Bank has been building its sustainability credentials steadily, and this issuance represents a step change in ambition. In a Saudi market where Vision 2030's sustainability goals are creating both regulatory pressure and commercial opportunity, Riyad Bank is well positioned.
Congratulations to Riyad Bank on this impressive achievement.
Sources: Riyad Bank introduces first AI center in Saudi banking indus | Riyad Bank Annual Reports 2024 - Chairman Statement | Riyad Bank closes USD 750 mn sustainable sukuk issuance
Visit Riyad Bank to learn more.
Assigned by Sebastien Parker, Senior Research Analyst, Global Banking Monitor, 15 October 2024
