Complex Made Simple

Saudi construction firm Dar al-Arkan pays $1bn to cover sukuk

Saudi construction firm Dar al-Arkan has said it has transferred $1bn to Deutsche Bank to repay its Islamic bond, Reuters has reported. The firm has issued three international sukuks and one domestic in the past five years, raising a total of $2.25bn, the firm said. "Dar al-Arkan transferred the total principal sum to Deutsche Bank, the principal paying agents, on Thursday and the sukuk account holders will receive the funds on Monday," the company said.