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Add to Preferred SourcesNasdaq Dubai welcomed the listing of a 1.5 billion US dollar Sukuk issued by Islamic Development Bank (IsDB) to support COVID-19 relief initiatives.
The capital raised will fund medical, social, and business projects in many of the bank’s 57 member countries aimed at protecting the health and improving lives.
The Sukuk is the second to be issued under IsDB’s Sustainable Finance Framework, following its debut Green Sukuk last year and is the first ever AAA-rated Sustainability Sukuk in addition to being the first COVID-19 related Sukuk in the global capital markets. It brings the number of IsDB Sukuk listed on the region’s international exchange to 12 with a total value of 16.14 billion US dollars.
Dr. Bandar Hajjar, President of IsDB, said: “Our debut Sustainability Sukuk issuance will play a vital role in social projects that improve healthcare facilities, equipment and critical staffing in member countries to mitigate the effects of COVID-19, as well as support small and medium-sized businesses and promote employment as countries recover from the effects of the disease. The competitive profit rate of 0.908% that we achieved reflects strong market confidence in our issuance and we look forward to further expanding our sustainable financing activities, including developing our cooperation with Nasdaq Dubai as the region’s international financial exchange.”
The listing brings the total value of Sukuk listed in Dubai to 70.79 billion US dollars, reinforcing Dubai’s status as one of the largest Sukuk listing centres in the world by value.
Original source: IsDB
Published on 28 June 2020