Saudi's Al-Jazira Bank completed a SR1 billion ($267 million) 10-year Islamic bond sale which was four times oversubscribed, the lender said in a bourse statement on Tuesday.

'Bank Aljazira announces successful completion of its sukuk issuance of SR1 billion on March 29. The issuance subscriptions were four times more than the amount approved by the Saudi monetary agency,' the bourse statement said.

Pricing for the sukuk for the first five years will be 1.7 per cent over the six-month Sibor and can be returned in five years, the bank said.

Al-Jazira Bank had announced earlier this month that it planned to issue a local currency-denominated Sukuk and said that the local units of HSBC  and JP Morgan Chase & Co will be managing the bond sale.-Reuters