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SIB sells SR2bn Islamic bond

Saudi Investment Bank (Saib) has said it has completed a SR2bn ($533.3m) capital-boosting sukuk issue, the latest lender in the kingdom to offer such an instrument to enhance its reserves, Reuters has reported. The subordinated Islamic bond, which boosts Tier 2 supplementary capital, has a ten-year lifespan and includes an option for the bank to buy back the paper after five years, the bank said.