Saudi Arabia’s Ministry of Finance has announced it has completed a SR4bn ($1.1bn) issuance under the government Saudi Riyal-denominated sukuk programme.

The issued sukuk was divided into three tranches with the following maturation dates:

• SR2.25bn, 2023
• SR0.5bn, 2025
• SR1.25bn, 2028

The sukuk issuance brings the total amount of domestic Islamic bonds issued in its July programme to SR7.465bn. On 26 July, the finance ministry announced it had completed a sukuk issuance of SR3.5bn.

Riyadh launched the domestic sukuk programme to help cover its large budget deficit, caused by the drop in oil prices. Thirteen Saudi banks have been qualified to participate in the programme.

In April, MEED reported that the government had closed its sixth domestic Saudi Riyal sukuk issuance.

The issuance size was set at SR5bn ($1.33bn) and divided into three tranches. The first tranche is SR3.8bn and matures in 2023. The second tranche is SR750m and matures in 2025. The third tranche is SR450bn and matures in 2028.