Riyadh – Sharikat Mubasher: Saud Almuhana Credit Manager at Sukuk Capital stated that his company issues Sukuk (instruments) as a funding tool provided to businesses through linking them with interested investors.

On the sidelines of the 24 Fintech Exhibition, Almuhana added: “We successfully provided over SAR 4.5 billion, distributed on a variety of sectors, from a broad database of investors amounting to over 300,000 between individuals, corporates, and investment funds.”

Almuhana added that Sukuk Capital was one of the earliest to create unique types of Sukuk, including Murabaha (Cost-plus-profit margin sale) Sukuk, introduced in 2021, Ijara (Lease) Sukuk introduced in 2022, and real estate development Sukuk rolled out in 2023 in favor of real estate developers.

Speaking of real estate development Sukuk, Almuhana explained that his company helped provide SAR 850 million worth of this type of Sukuk, which contributed to the execution of more than 500,000 residential units.

Almuhana added that his company aspires to be licensed to provide Sukuk with greater worth in the future before the end of 2024. Sukuk Capital currently provides SAR 0.25 billion Sukuk, hoping to increase to SAR 5 billion by the end of 2024, and to SAR 12 billion by 2025.

Worth mentioning that, Sukuk Capital is a leading Saudi Fintech company in the field of investment and Islamic finance, founded in Riyadh in 2020, and specializes in issuing and trading Islamic Sukuk. 

Sukuk are financial instruments of equal value, representing common shares in the ownership of assets (objects, benefits, services, or a mixture of objects, benefits, money, and debts), already existing, or will be created from the proceeds of the subscription, and are issued through various Sharia contracts.     

The company provides Sharia-compliant financing solutions with the aim of finding alternative financing options for SMEs and individuals who wish to comply with the provisions of Islamic Sharia in the field of finance and investment.

These financing solutions are customized for each customer to suit their needs and requirements, with a high financing ceiling for companies of up to SAR 30 million. This is done fully electronically using the latest technologies and financial methods, where companies are financed within three working days and arrangements for the issuance of sukuk and covered by investors within a working week.