RIYADH: Saudi Arabia’s Tadawul-listed Al Rajhi Bank has announced the commencement of its US dollar-denominated sukuk program with a minimum subscription of $200,000. Sukuk, also called an Islamic bond, is a debt product issued in line with the principles of Islamic laws. The offering, open to eligible local and international investors, is expected to be facilitated through a special-purpose vehicle. The bank has mandated Al Rajhi Capital Co., Citigroup Global Markets Ltd., Emirates NBD Bank PJSC, Goldman Sachs International, HSBC Bank, J.P. Morgan Securities, KFH Capital Investment Co., and Standard Chartered Bank as joint lead managers and book-runners. Last week, Saudi Arabia’s National Debt Management Center announced the closure of its riyal-denominated sukuk program issuance for March with a total bid amount worth SR8.34 billion ($2.2 billion). The total amount allocated was SR3.37 billion with the sukuk issuance divided into tranches — the first has a size of SR2.77 billion maturing in 2031 and the second at SR600 million maturing in 2037.