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Cayman Islands News, Articles and InformationSaudi home finance sells sukuks through CaymanKingdom Installment Co., a Saudi Arabian Islamic home finance company, sold $18 million of mortgage-backed Islamic bonds to investors in Europe and Asia, the company said last week.Banks were the main buyers of the Islamic bond, or sukuk, Bahrain-based Unicorn Investment Bank BSC, one of the managers of the sale, said. "The merger of traditional Shariah structures with modern conventional finance such as securitization represents a quantum leap in the evolution of Islamic finance,'' Abdullatif al-Shalash, a director of Kingdom Installment, said in the statement. Kingdom Installation's sukuk is backed by 193 Saudi Islamic mortgages and pays a fixed profit rate of 6.55 percent. The issuer is a special purpose vehicle in the Cayman Islands into which the mortgages have been collateralized to provide cash flow in dollars. |
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