Saudi Arabia raised SAR8.8bn through a local currency-denominated Islamic bond issue as it continues to borrow from the domestic market as part of its wider debt management strategy to shore up finances and diversify its funding base. The funds raised through September issuance under the government’s riyal-denominated Sukuk Program, were divided into three tranches for local lenders, Saudi Arabia’s Ministry of Finance said in a statement posted on its website. The ministry raised SAR1.4bn in the first tranche, part of a SAR4.65bn programme due to mature in 2028. It raised SAR1.19bn under an SAR11bn programme maturing in 2031, and raised SAR6.25bn under a SAR15.5bn issue maturing in 2049, according to its statement. The kingdom raised SAR2.26bn in August and SAR5.22bn in July through its SAR-denominated sukuk issuance programme.