Saudi Arabia’s Islamic Development bank lists $2bn sukuk on Nasdaq Dubai

Saudi Arabia-headquartered lender Islamic Development Bank (IsDB) listed $2bn sukuk on Nasdaq Dubai, Dubai Media Office reported.

The five-year sukuk, the largest by value to be listed on the exchange by the lender, was priced at a profit rate of 1.809 per cent, payable on semi-annual basis.

.@NasdaqDubai welcomes the listing of a $2 billion Sukuk by Islamic Development Bank (IsDB), the multilateral lender which finances development across its 57 member countries. #Dubai is one of the largest centres globally for Sukuk listings by value at $68.355 billion. pic.twitter.com/dtWDWVSFBT

— Dubai Media Office (@DXBMediaOffice) March 1, 2020

The sukuk makes IsDB the leading sukuk issuer by total value on Nasdaq Dubai at $15.64bn.

The first of IsDB’s 12 current sukuk listings Nasdaq Dubai was a $1bn instrument listed in 2015. The other IsDB listings include three sukuk worth $1.5bn each, one $1.3bn sukuk, four sukuk valued $1.25bn each, one EUR650m sukuk and a EUR1.1bn instrument, the statement said.

IsDB, which funds development across 57 member countries, has activities that include fostering partnerships between governments, the private sector and civil society; increasing skills and knowledge sharing; and promoting global development supported by Shariah-compliant sustainable financial products, among others.

Dubai is one of the largest centres globally for Sukuk listings by value at $68.355bn.