Accordinging to the offical Saudi News Agency, General Authority of Civil Aviation of Saudi Arabia (GACA) الهيئة العامة للطيران المدني‎ announced today, that it will issue tomorrow financial  instruments compatible with Shariah law known as SUKUK, for financing the development of  King Abdulaziz International Airport.

General Authority f Civil Aviation of Saudi Arabia ‎ mentioned in a statement the SKUKU  are  fully guaranteed by the Government of the Kingdom of Saudi Arabia (Ministry of Finance), noting this issunace is first  part of in a series  to finance the costs of airport infrastructure development totally a value of 27.111 million riyals (equivalent to 7,300 Million USD)

This is part of the Saudi government’s  effort to promote involvement and investment of private sector in airport infrastructe development while enjoying full government's guarantee,  represented by the Ministry of Finance and the Saudi Arabian Monetary Agency (SAMA)

Background

Sukuk (Arabic: صكوك ‎ "legal instruments, deeds, checks") is the Arabic name for financial certificates, but commonly refers to the Islamic equivalent of bonds. Since fixed income, interest bearing bonds are not permissible in Islam, Sukuk securities are structured to comply with the Islamic law and its investment principles, which prohibits the charging, or paying of interest. 

The issuer of a Sukuk sells an investor group the certificate, who then rents it back to the issuer for a predetermined rental fee. The issuer also makes a contractual promise to buy back the bonds at a future date at par value.