Saudi Arabia-based Islamic Development Bank (IDB) is set to launch a US$10 billion sukuk issuance programme on the Nasdaq Dubai exchange.
According to Reuters, it would be IDB’s third sukuk programme – it already issues Islamic bonds in London and Kuala Lumpur – and its first in a Middle Eastern country.
Go deeper with GlobalData
The launch date for the IDB’s programme is yet to be scheduled.
Reuters quoted IDB president Ahmad Mohamed Ali saying that, "As the IDB plans a significant expansion of its activities, Dubai’s world class exchange and regulatory architecture together with its commitment to providing Islamic finance solutions of the highest quality make it a natural home for our securities."
The IDB, which has already issued 15 sukuk in London since 2005, plans to expand its sukuk programme on the London Stock Exchange to US$10 billion this month from the current US$6.5 billion.
In addition, the IDB has a MYR1 billion (US$313 million) programme listed on Bursa Malaysia, which has raised a total of MYR700 million via three sukuk since 2008.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
