Nasdaq Dubai welcomed the listing of a 2.5 billion US dollar Sustainability Sukuk by Islamic Development Bank (IsDB), the multilateral lender which finances development across its 57 member countries.
This 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 US dollar Trust Certificates were priced at par with a profit rate of 1.262%, payable on a semi-annual basis. Proceeds of the Sukuk will be allocated to finance and refinance green and social development projects that are eligible under IsDB Sustainable Finance Framework.
The first of IsDB’s current Sukuk listings on Nasdaq Dubai was a 1 billion US dollar instrument that listed in 2015. With this latest addition, the total value of IsDB Sukuk listed on Nasdaq Dubai is 17.14 billion US dollar through 12 tranches.
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.