The Islamic Development Bank’s vice president finance and CFO Dr. Zamir Iqbal rang the market-opening bell to mark the listing of a $1.25bn Sukuk on Nasdaq Dubai.
The listing supports the economic development and social advancement goals of IDB, an AAA-rated multilateral institution, whose activities include providing financing for development projects in line with Shari’ah principles to its 57 member countries. The geographical distribution of investors show strong demand for IDB Sukuk, where 53 per cent of the 5-year Sukuk issuance was acquired by investors in the EMEA region, while 47 per cent went to investors based in Asia, with an annual return of 2.261 per cent.
The IDB is one of the largest Sukuk issuers on Nasdaq Dubai, with a current total of eight listings valued at $10.25bn.
The bell-ringing ceremony was attended by Hamed Ali, the exchange’s chief executive as well as Azahari Bin Abd Kudus, capital markets manager of the IDB.