Banque Saudi Fransi mandates banks for $2bn sukuk programme

Banque Saudi Fransi, a Saudi Arabian bank part-owned by Credit Agricole, has set up a $2bn sukuk programme, mandating the French bank, Citi and Deutsche Bank as lead arrangers. The move into Islamic borrowing aims to diversify funding sources and will allow Saudi Fransi to tap the international markets in suitable windows as and when required.