The Saudi Finance Ministry announced on Monday that the third domestic sukuk issuance reached 350 percent in a record rate, while the first issuance was at 297 percent and the second at 300 percent. These figures indicate the solidity of the Saudi financial and banking sectors, and show the mounting demand on domestic sukuk in a remarkable manner. The government received more than 24 billion riyals (USD6.4 billion) in bids for its third riyal-denominated Islamic bond sale, according to a statement of the Ministry of Finance. The Sukuk issuance was divided into three tranches as follows: 2.4 billion riyals (USD640 million) from a five-year tranche, 3.9 billion riyals (USD1.04 billion) from seven-year notes and 700 million riyals (USD186.6 million) through a 10-year tranche. This high turnover follows a mid-August announcement by the finance ministry that the Saudi riyal-dominated domestic sukuk goes in tandem with the market conditions. This step follows the success of the Debt Management Office in completing the establishment of the Saudi riyal sukuk program when domestic banks completed internal requirements for the program. Thirteen licensed commercial banks qualified for the domestic sukuk program, revealed the Debt Management Office. The banks are: Alinma, Alawwal Bank, Al Rajhi Bank, Arab National Bank, Bank AlBilad, Bank AlJazira, Banque Saudi Fransi, Gulf International Bank, Riyad Bank, Samba Financial Group, Saudi Investment Bank, National Commercial Bank and Saudi British Bank. Once the Saudi riyal-dominated sukuk program was established, financial institutions competed two months ago to submit investment applications in the first issued domestic sukuk in the local market. Saudi Arabia, with its global economic weight, issued earlier international bonds that attracted international institutions, proving the confidence of international investors in the Saudi economy.