Many Westerners have forgotten that Al Qaeda Jihadist Osama Bin Laden was from one of the wealthiest families in Saudi Arabia and that the Bin Laden family to this day benefits from the largesse delivered from one of the largest companies in the Kingdom.

Here’s a reminder.┬áSaudi Binladin Group has dutifully issued a Shariah-compliant bond, known as a sukuk. Sukuk have increasingly become the instrument of choice for promoting Shariah through the financial world…

Saudi Binladin Group, one of the kingdom’s largest construction firms, has priced an Islamic bond with a 364-day tenor worth 1 billion riyals ($267 million)…

The transaction, arranged by the investment banking arm of Gulf International Bank and BNP Paribas’ Saudi unit, was priced with a profit rate of 2.5 percent…

Binladin builds airports, hospitals and universities as well as conducting work on the holy mosques in Makkah and Madinah. It has completed projects elsewhere in the Middle East, as well as Africa and Asia…

Note that though sukuk do not involve interest, they don’t involve lending money for free, as alluded to by the profit rate mentioned in the article.

http://www.arabianbusiness.com/saudi-binladin-prices-267m-sukuk-issue-597004.html

 

 

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