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Economy

IDB Lists Sukuk Vaued US$1.25 Billion on Nasdaq Dubai

Dr. Zamir Iqbal, Vice President Finance and Chief Financial Officer of the Islamic Development Bank (IDB), rang the market-opening bell Sunday to mark the listing of a 1.25 billion US dollar Sukuk on Nasdaq Dubai,

Dubai, MINA — Nasdaq Dubai tSunday welcomed the listing of a US$1.25 billion Sukuk by the Islamic Development Bank, IDB, whose activities include financing development projects for its 57 member countries.

The listing brings the number of Sukuk listings by the IDB on the exchange to nine with a total value of US$11.5 billion, making it one of the largest Sukuk issuers on Nasdaq Dubai, acording to WAM.

IDB’s Sukuk support the bank’s economic and social advancement goals in line with Sharia principles.

IDB participates in equity capital and grant loans for productive projects and enterprises as well as providing financial assistance to member countries in other forms. This includes financing infrastructure and agricultural projects such as roads, dams, schools, hospitals, housing, and rural development in the public and private sectors.

Nasdaq Dubai provides the IDB and its other regional and international issuers with close links to investors around the world as well as a first class listing infrastructure.

IDB’s latest listing underlines Dubai’s role as the leading global centre for Sukuk listings by value, currently totalling US$57.715 billion. (T/RS5/RS1)

Mi’raj Islamic News Agency (MINA)

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