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Banque Saudi Fransi Sets Up $2 Billion Islamic Bond Program

Banque Saudi Fransi, a Saudi Arabian lender part-owned by Credit Agricole SA, set up a $2 billion Islamic bond program as part of the Riyadh-based lender’s plans to diversify its sources of financing.

“We are properly equipped to raise funding when and if needed from the international market,” Chief Financial Officer Philippe Touchard said in a phone interview from Riyadh today. “The $2 billion program might be used during different phases over the next five years.”