Norton Rose Fulbright advises Bidaya Finance on approval of debut SAR1 billion public offer Sukuk programme

Global law firm Norton Rose Fulbright has advised Bidaya Finance on the approval it has received from the Saudi Capital Market Authority (CMA) to establish a SAR1 billion Sukuk issuance programme and the offering of Sukuk under the programme on a "public offer" basis to investors in the Kingdom of Saudi Arabia.

The SAR1 billion senior unsecured Sukuk programme is the latest in a growing number of public offer Sukuk transactions in the Kingdom, and reflects the continued momentum in the growth and deepening of the local debt capital market.

Bidaya Finance is a leading non-bank financial institution that provides retail and corporate financing solutions to customers across the Kingdom.

Norton Rose Fulbright - a market leader in this area - also recently advised Rawasi Al Bina Investment Company on a SAR500 million Sukuk programme, which was the first public offer of Sukuk approved by the Saudi Capital Market Authority (CMA) under landmark changes to the Rules on the Offer of Securities and Continuing Obligations earlier this year.

The Norton Rose Fulbright team advising on the transaction was led by partner Hamed Afzal, with support from senior associates Yousef Al Amly and Ganna Vlasenko, associate Hania Meshref and trainee solicitors Joseph McQuillan and Mia Blundell.

Hamed said:

"We're delighted to have advised Bidaya Finance on the approval granted by the CMA of its first public offer Sukuk programme. This transaction reflects the growing momentum behind public offer Sukuk in the Kingdom and highlights the evolving regulatory landscape, following recent changes to the implementing regulations of the Capital Market Law in this regard."

"We continue to act on a number of Sukuk issuances, drawing on our deep understanding of the regulatory framework and our extensive experience structuring complex Sukuk transactions. It's a privilege to support our clients as they navigate this dynamic landscape and contribute to the development of the Kingdom's financial sector."

Norton Rose Fulbright's capital markets lawyers cover the full range of equity and debt capital markets matters, from domestic and international equity offerings and multiple listings for large multinationals, to investment grade and high-yield debt transactions for sovereigns, banks, export credit agencies, multilaterals, institutional investors and international companies.

This transaction comes off the back of the team being named Capital Markets Team of the Year by Islamic Finance News last year, winning Restructuring Deal of the Year at the Global Banking & Markets Saudi Arabia Awards 2025 for its role on Arkad Engineering & Construction Company's SAR 2.86 billion perpetual Sukuk and advising on the first ever Additional Tier 1 Sukuk issued by a non-bank financial institution in the Kingdom.