Saudi Arabia’s Al Rajhi Bank, the world’s largest Islamic lender, is turning to the ringgit-denominated debt market for its debut sukuk sale to fund the opening of new branches in Malaysia.

The Riyadh-based bank is considering the issuance as it plans a 20 per cent increase in annual profits in the Southeast Asian nation by adding to 23 existing outlets, Azrulnizam Abdul Aziz, chief executive officer of Al Rajhi’s Malaysian unit, said in an interview. The lender, which has never sold debt since it was founded 60 years ago, will also expand underwriting, said Mudassir Amray, head of wholesale banking in Kuala Lumpur………………………………………..Full Article: Source