Saudi Real Estate Refinance Co., a unit of the kingdom’s sovereign wealth fund, set up an 11 billion-riyal ($2.93 billion) Islamic bond program to increase liquidity in the country’s mortgage market.

HSBC Saudi Arabia has been appointed as the sole arranger and bookrunner for the riyal-denominated program, the company said in a statement. Sukuk will be issued through multiple tranches.

Saudi Real Estate Refinance Co. is fully owned by the Public Investment Fund and was set up in 2017 to increase home ownership among Saudi citizens and promote the development of a housing finance market in the kingdom.