The Islamic Development Bank is raising big money. Yesterday, the bank’s CFO Dr Zamir Iqbal rang Nasdaq Dubai’s opening bell to celebrate the listing of its new $1.7b Sukuk. The ceremony was also attended by CEO of Nasdaq Dubai and Deputy CEO of the Dubai Financial Market Hamed Ali.
This is the Islamic Development Bank’s second listing on Nasdaq Dubai this year. Back in April, the bank listed its second Sustainability Sukuk for $2.5b. Dubai has become one of the largest sukuk listing venues in the world with a total of $80.1b issuances. The Islamic Development Bank (the largest sukuk issuer on the venue) is responsible for $18.8b of these.
Islamic Development Bank’s newly listed Sukuk has a term of five years and has attracted over $2.4b worth of orders. According to the bank, the proceeds will be used to help finance the economic recovery of its member countries from the pandemic.
Why it matters
Dr. Iqbal made sure to shout out Nasdaq Dubai for “providing an international platform for our Islamic debt securities and our investors who continue to subscribe to our sukuk issuances and place their trust in IsDB’s mission of sustainable social and economic development."
