Bandar Hajjar, president of the Islamic Development Bank. Moody's has affirmed the bank's AAA rating. Photo: Layton Thompson
Bandar Hajjar, president of the Islamic Development Bank. Moody's has affirmed the bank's AAA rating. Photo: Layton Thompson
Bandar Hajjar, president of the Islamic Development Bank. Moody's has affirmed the bank's AAA rating. Photo: Layton Thompson
Bandar Hajjar, president of the Islamic Development Bank. Moody's has affirmed the bank's AAA rating. Photo: Layton Thompson

Banking

Saudi bank IDB lists $1.5 billion sukuk on Nasdaq Dubai

Jeddah-based lender has 10 sukuk listed on the Middle East’s international financial exchange

The National

April 28, 2019

  • English
  • Arabic

Saudi Arabia's Islamic Development Bank (IDB) on Sunday listed a $1.5 billion (Dh5.51bn) sukuk on Nasdaq Dubai. IDB, a Jeddah-based triple A-rated institution, now has 10 sukuk listed on the Middle East’s international financial exchange with a total value of $12.54bn.

The multilateral lender, which finances development across its 57 member countries, first listed a sukuk on Nasdaq Dubai in 2014.

Nasdaq Dubai, the biggest centre for sukuk listings by nominal value in the world, has $60.89bn in listed sukuk, according to the exchange.

IDB’s activities include building public-private partnerships and global development underpinned by Sharia-compliant sustainable financing structures, and fostering collaboration between its members nations to focus on the betterment of humanity.

The managers for the sukuk issuance were Credit Agricole Corporate and Investment Bank, Emirates NBD Capital, First Abu Dhabi Bank, Gulf International Bank, HSBC, JP Morgan Securities, Natixis and Standard Chartered Bank.

Earlier this month, IDB committed $337 million of new investment to its member countries.

"We have signed more than 90 new agreements with our member countries in line with the bank’s new strategy and approach towards financing for development," the IDB president Bandar Hajjar said. "This new strategy focusing on financing projects with clear objectives in accordance with the Sustainable Development Goals will open new opportunities and create a sustainable transformation for all."

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