Islamic Development Bank Sukuk listing `
For Islamic Development Bank, this is the second major listing on Nasdaq Dubai this year. Image Credit: Dubai Media Office

Dubai: The Islamic Development Bank has listed its $1.7 billion bond on Nasdaq Dubai. The listing strengthens IDB’s position as the largest ‘supra-national’ sukuk issuer on Nasdaq Dubai with $18.8 billion through 13 issuances listed on the exchange since 2016.

“The new listing of our landmark sukuk issuance reaffirms IDB’s commitment to mobilise sustainable capital flows on the back of our top-tier AAA-rating and provide cost-effective financing for our member countries’ recovery from the pandemic,” said Dr. Zamir Iqbal, Vice-President of Finance and Chief Financial Officer of Islamic Development Bank. The 5-year sukuk attracted more than $2.4 billion worth of orders.

This issuance is the second listing by IDB on Nasdaq Dubai this year. The bank listed its second ‘sustainability’ sukuk of $2.5 billion in April last. It fortifies Dubai’s position as one of the largest sukuk listing venues globally, with a combined value of $80.1 billion. It has also increased the total value of fixed income listings on the exchange to $108.8 billion.