Impact46 advises Tamweel Aloula on issuance of additional tier-1 capital Sukuk

Riyadh, Saudi Arabia – Impact46, a leading investment and advisory firm in the kingdom, announced the completion of Tamweel Aloula’s first issuance of an additional tier-1 capital sukuk programme.  With this transaction, Impact46 has launched its debt capital markets advisory business as part of its broader expansion plans to diversify into new emerging products.

Tamweel Aloula Company is a leading non-banking financial institution licensed by SAMA to provide Shariah compliant financing solutions to individuals and SMEs.  Impact46 acted as the financial advisor and arranger on the transaction and Norton Rose Fulbright acted as the legal counsel.

The issuance was conducted via a private placement with a view for direct listing of the on the Saudi Exchange, subject to regulatory approvals.

The programme is the first of its kind to be established by a non-banking financial institution in the Kingdom.  The sukuk will assist the company in satisfying certain of its regulatory capital requirements and has previously only been utilised by banks in the kingdom.

Abdulaziz Alomran, Founder and CEO of Impact46 commented: “We are proud to have had the opportunity to assist Tamweel Aloula on this innovative transaction.  We believe that this is the right time for us to expand into debt capital markets, given the current positive market sentiment and strong regulatory support.”

Andrei Ugarov, Managing Director Credit Advisory of Impact46 added: “This transaction will open the door for Impact46 to assist other companies with innovative debt capital market and credit solutions. We are excited about this market opportunity and look forward to expanding our reach into new areas in financial services in the kingdom.”