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LONDON / Reuters
The Islamic Development Bank (IDB), the largest development organisa-tion in the Muslim world, will launch a $2.5 billion benchmark-sized sukuk, its largest since inception, “soonâ€, its president Bandar Hajjar said on Monday.
Speaking at a sukuk conference at the London Stock Exchange Hajjar said the sukuk would support spending on infrastructure, education and health. The IDB is also planning to set up a $500 million fund to support science and technology start-ups, Hajjar added.
The Jeddah-based multilateral development bank is a regular issuer of international Islamic bonds, which it raises to fund its business activities, but also to promote the international sukuk market by building a liquid sukuk yield curve.
The non-profit group has extended $86.1 billion in financing in the last 10 years for energy, transportation, water and sanitation projects. Bangladesh, Pakistan and Egypt are among the top beneficiaries.