The Sukuk was priced at a profit rate of 1.81per cent payable on a semi-annual basis.by Kudakwashe Muzoriwa
Saudi-based Islamic Development Bank (IsDB) has listed its $2 billion five-year Sukuk on Nasdaq Dubai, the largest by value to be listed on the exchange by the Shari’ah-compliant lender.
IsDB, a multilateral lender which finances development across its 57 member countries, said that its Sukuk was priced at a profit rate of 1.81per cent payable on a semi-annual basis.
The first of IsDB’s 12 current Sukuk listings on the exchange was a $1 billion instrument that was listed in 2015. The other listings by the lender are three Islamic bonds of $1.5 billion each, a $1.3 billion Sukuk, four Sukuk of $1.25 billion each, a EUR 650 million Sukuk and a EUR 1.1 billion Sukuk.
The bank’s activities across its member countries include promoting global development that is underpinned by Shari’ah-compliant sustainable financing structures, building partnerships between governments, the private sector, and civil society and focusing on science, technology and innovation-led solutions to development challenges.