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DUBAI / WAM
Nasdaq Dubai, the region’s international financial exchange, on Friday welcomed the listing of a $1.6 billion sukuk by the Islamic Development Bank (IsDB).
The first public Sukuk issuance from IsDB in 2022 strengthens its position as the largest supranational institution issuing sukuk on Nasdaq Dubai with a total value of $18.04 billion currently listed through 13 issuances. The bank successfully priced the 5-year trust certificates at par with a profit rate of 3.213%, payable on a semi-annual basis.
The new listing also brings the total value of sukuk listed in Dubai to $77.5 billion, strengthening Dubai’s status as one of the largest sukuk listing centres globally.
The proceeds of the issuance will be used to finance projects under the development mandate of the bank.