Dar Al-Arkan, Saudi Arabia's largest property developer by market value, said on Tuesday its shareholders approved plans to issue Islamic bonds (sukuk) and a 1-for-3 bonus share issue.

'The (ordinary) assembly approved issuing local or international sukuk either in one increment or several increments or through a series of issues at the times, with the amounts and under the conditions that are set by the board,' the firm said in a statement.

In an extraordinary assembly, the shareholders also gave the go-ahead for the issue of 1.8 million bonus new shares to raise its capital to SR7.2 billion ($1.92 billion).

The latter assembly also agreed to change the firm's statute to allow it to issue sukuk and bonds that comply with Islamic standards.-Reuters