RIYADH: Saudi Aramco on Monday began its first dollar-denominated Islamic bond sale, state media said, as the energy giant seeks to raise cash to fund its hefty dividend payments.

The sale of sukuk, or Islamic bonds compliant with the Muslim faith, will end on June 17, the official Saudi Press Agency said, without specifying how much cash Aramco is seeking to raise.

The sale comes after two previous bond offerings that were not compliant with Islamic law — a debut $12 billion sale in 2019 and an $8 billion offering in November last year.

The company is raising money to help pay an annual dividend of $75 billion, a key revenue source for the Saudi government, Aramco’s biggest shareholder.