LONDON: The Islamic Development Bank (IDB), the largest development organisation in the Muslim world, will launch a $2.5 billion benchmark-sized sukuk, its largest since inception, ‘soon’, 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, he 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.
Published in The Express Tribune, March 6th, 2018.