Bank AlJazira announced its intention of early redemption of its SAR 2 billion Tier 2 Sukuk on 2nd of June 2021 in full, at face value. The Sukuk were offered through private placement on 2nd of June 2016, qualifying as Tier 2 subordinated debt in accordance with the Basel III framework. The Sukuk were issued on 2nd of June 2016 for an aggregate value of SAR 2 billion (2,000 Sak with a face value of SAR 1,000,000 each) with an original maturity of ten (10) years due on 2nd of June 2026. In accordance with the Sukuk's terms and conditions, Bank AlJazira as an issuer, can call the Sukuk on the periodic distribution date that falls on or nearest to 2nd of June 2021 knowing that regulatory approval has already been obtained in this regard. The redemption amount together with any periodic distribution amount (profit for the current periodic distribution period ending 2nd of June 2021 will be transferred by Bank AlJazira to the Sukukholders' accounts on 2nd of June 2021 based on their respective Sukuk holdings as of 25 May 2021 (start of the Sukuk trading suspension period).