Growth capital on standby. Ready before you need it.

A Sharia-compliant alternative to a bond. Investors buy certificates tied to a real asset or business activity and earn a share of the profit it produces, not interest. For your company it works like a bond: a fixed term, periodic profit payments and repayment at maturity, with access to both Islamic and conventional investors.

Because the rate is not the cost. A bank loan takes its principal back every quarter, so on average only about half the money is at work in your business. With a sukuk nothing is repaid until maturity. If your business earns more on capital than the sukuk costs, the cash you keep is worth more than the gap in rate. Run your own figures and see where the line is.

Yes, and that is the point, within clear limits. The preparation is the long part, about six months. Once the CMA approves the programme you have six months to complete the first issuance. After that the programme stays open for two years and each further issuance takes about a month. So we time the approval to your pipeline, start with the tranche you need and keep the rest ready.

A public sukuk reaches the widest investor base, so it supports the largest sizes. The recommended minimum for a public issue is SAR 100 million. Recent Saudi corporate programmes of this kind have issued between SAR 50 million and SAR 1 billion. For a smaller or faster need, a private sukuk or a bank facility may be the better tool, and we will say so.

Three layers. One-off set-up costs of around 3% of the first issue, covering the arranger, legal counsel, Sharia advisor, rating and regulatory fees. Running costs of around SAR 100,000 a year. And the profit rate, usually fixed for the full term: recent Saudi issues under SAR 500 million have priced between 7.1% and 10.5%, lower for larger, rated issuers. These are illustrative until your company is assessed.

Usually not. A public sukuk normally carries no shareholder guarantee and little or no collateral, with fewer covenants than a bank loan. Investors in a private sukuk often ask for some security.

Three things for a first assessment: your last three years of audited financial statements, your financial forecasts and your strategy. Later you will need board and shareholder approvals, a clear use of proceeds and governance that is ready for public disclosure.

Yes. A private sukuk is sold to a small group of qualified investors, takes two to three months and carries lighter disclosure. The trade-off is a smaller size and a higher rate than a public issue. Many companies use it as a first step.

The principal is due in one payment, typically at year five. Companies either repay it from the cash the business has built, or refinance it with a new issuance. We plan the maturity with you from the first day, so it is never a surprise.

The structure follows your business. Murabaha, a cost-plus sale with a fixed profit, is the most used in Saudi traded sukuk. Mudaraba shares the profit of the business. Ijara is built on leased assets. Wakala places a pool of assets with an agent. Most Saudi corporate issues are hybrids, typically Mudaraba with Murabaha, approved by a Sharia advisor.

A public sukuk asks for much of what an IPO asks for: audited reporting on time, board-level governance, regular disclosure, a credit rating and working relationships with the CMA, the Saudi Exchange and institutional investors. Do it once for a sukuk and you arrive at your IPO with a public track record, without having sold any ownership.

Because a strong team is exactly who gets the most from us. A sukuk programme adds six months of project work to people who already run the company’s finances: arranger selection, due diligence, a rating, a prospectus and a steady stream of advisor requests. We carry that load under your CFO’s direction, so the decisions stay with your team and the day job never slips. And because we do not arrange or place sukuk ourselves, our advice has one interest only: yours. See how we work.

We sit on your side of the table, as an extension of your finance team and an advisor to your board. We assess your readiness, prepare the books with your team, help you choose and coordinate the arranger, legal, Sharia and rating advisors, and keep the transaction moving through to closing and the issuances that follow. The arranging and offering of the sukuk are carried out by a capital market institution licensed by the Capital Market Authority.