Islamic Development Bank seeks sukuk issue

Dubai: The Islamic Development Bank, reported to be readying two new sukuk issues, said on Friday it was studying the best type of Islamic bond suitable for current market conditions.

"It is very important we select the right type," Ahmad Mohammad Ali, the bank's president said on the sidelines of the World Economic Forum meeting in Dubai. "In terms of the economy, all of us are affected," he said.

The Saudi-based bank, set up to foster development among its 56 Muslim member states, financed projects worth Dh17.62 billion ($4.8 billion) in fiscal 2006-07.