THE Osmanians USA, a representative organization of the Osmania University, Hyderabad, India, has honored Hasan Chishti, a proud Osmanian and a distinguished literary figure, for supporting and advancing the cause of Urdu language and traditions throughout his career starting in Hyderabad, spreading into Saudi Arabia and the United States of America, in a largely attended function in Chicago last week.
The award to Hasan Chishti is a continuation of many recognitions and honors he received for his writings, excellence in community service and uplifting human values. – SG
AJIL Financial Services Company C.J.S.C. has successfully issued Tuesday its first off-balance sheet sukuk in Saudi Arabia for SR500 million. The inaugural sukuk was priced at 3 month SAIBOR plus 80 basis points with an issue price at par.
The sukuk is issued by AJIL Cayman, a limited liability special purpose company incorporated in the Cayman Islands. The sukuk holders will also benefit from a purchase undertaking issued by Gulf International Bank B.S.C. and Riyad Bank, the first time such a credit enhanced structure has been employed in the Saudi domestic capital markets.
GIB Capital and Riyad Capital acted as joint lead managers and joint bookrunners to the issuance while Riyad Capital also acted as the coordinator of the transaction.
Usman Mahmood, CEO of AJIL Financial Services, said: "We are delighted to have closed our inaugural sukuk at the finest pricing level achieved by a non-governmental issuer since 2008. The level of oversubscription is also testament to investors’ support of AJIL and the credit quality of the structure. This issue represents an innovative off-balance sheet sukuk based on the sale of sukuk assets incorporating a credit-wrapped structure." – SG
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