Banque Saudi Fransi, a Saudi Arabian lender part-owned by Credit Agricole, set up a US$2bn Islamic bond program, potentially seeking to join record sukuk sales from the kingdom. Citigroup, Credit Agricole, Deutsche Bank were appointed the lead arrangers of the program, Saudi Fransi said in its base prospectus posted on the London Stock Exchange. Islamic bond sales in Saudi Arabia, the world’s largest oil exporter, rose to a record US$6.55bn so far this year as the government’s spending plan encourages companies to raise funds to invest. The state-run General Authority of Civil Aviation sold SAR15bn (US$4bn) of Islamic bonds in January. Saudi Electricity last month raised a combined US$1.75bn from an issue of five- and 10-year sukuk, securities that pay returns on assets to comply Islam’s ban on interest. Banque Saudi Fransi reported a 10 percent increase in first-quarter profit to SAR789m, beating analysts’ estimates. The stock has advanced 15 percent this year compared with a 17 percent gain for the benchmark Tadawul All Share Index and 20 percent increase for the Tadawul All Share Bank Index.