| On Jan. 18, the Saudi General Authority of Civil Aviation's (GACA) successfully closed a SR15 billion sukuk offering guaranteed by the Ministry of Finance (Saudi Arabia, Aa3 stable). Given the scarcity in recent years of Saudi government debt issuance, particularly Shariah-compliant instruments, Moody's believes that this transaction is credit-positive for local Islamic financial institutions (IFIs).
This sizable issuance will offer a profitability boost to local IFIs as they will have an opportunity to invest their excess cash into this profit-yielding instrument...............................................Full Article: Source
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