The total value of the bank’s Sukuk listed on Nasdaq Dubai currently stands at $17.14bn
Islamic Development Bank (IsDB) in Jeddah has listed a $2.5bn green Sukuk on Nasdaq Dubai.
It is the second AAA-rated Sukuk issuance under the Sustainable Finance Framework of IsDB and is the bank’s biggest US dollar public issuance to date.
The 5-year $2.5 billion Trust Certificates were priced at par with a profit rate of 1.262 percent, payable on a semi-annual basis.
The first of IsDB’s current Sukuk listings on Nasdaq Dubai was a $1 billion instrument that was listed in 2015.
With this latest addition, the total value of IsDB Sukuk listed on Nasdaq Dubai stands at $17.14bn through 12 tranches.
This includes IsDB listing a $1.5bn sustainability Sukuk on Nasdaq Dubai last year, the proceeds of which were used to support Covid-19 relief initiatives including funding medical, social, and business projects among the bank’s 57 members countries.
Proceeds of the latest Sukuk will be allocated to finance and refinance green and social development projects that are eligible under IsDB Sustainable Finance Framework. The bank finances development across its 57 member countries.
IsDB’s activities across its member countries include building partnerships between governments, the private sector, and civil society; increasing skills and knowledge sharing; focusing on innovation-led solutions to development challenges, and promoting global development underpinned by Sharia-compliant sustainable financing structures, said a statement posted by Nasdaq Dubai.
Originally published on www. gulfbusiness.com