Dubai: Islamic Development Bank (IsDB) on Wednesday launched a €1 billion green sukuk, its first green Islamic bond.

A green sukuk, which can be invested in by both Islamic and conventional investors, is one in which proceeds from the sukuk investment can only be used for environment friendly investments.

Nasdaq Dubai said it welcomed IsDB’s listing, which is the lender’s third sukuk listing this year, following two listings of $1.5 billion each in April and October. IsDB has a total of 11 Islamic bonds currently listed on Nasdaq Dubai with a total value of $13.65 billion.

IsDB’s latest sukuk is the second to be listed in euros by the bank on Nasdaq Dubai. Dubai is one of the largest centres globally for sukuk listings by value, currently totalling $65.4 billion.