Saudi’s Islamic Development Bank lists $1.7bn sukuk on Nasdaq Dubai
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Saudi’s Islamic Development Bank lists $1.7bn sukuk on Nasdaq Dubai

Saudi’s Islamic Development Bank lists $1.7bn sukuk on Nasdaq Dubai

IsDB is now the largest supranational sukuk issuer on Nasdaq Dubai with a total value of $18.8bn through 13 issuances listed on the exchange since 2016

Nasdaq Dubai Islamic Development Bank

Saudi Arabia’s Islamic Development Bank (IsDB) has listed a $1.7bn sukuk on Nasdaq Dubai.

IsDB is now the largest supranational sukuk issuer on Nasdaq Dubai with a total value of $18.8bn through 13 issuances listed on the exchange since 2016.

The latest issuance is the second listing by the bank on the exchange this year. In April, IsDB listed a a $2.5bn sustainability sukuk on Nasdaq Dubai. At the time, it was the second AAA-rated sukuk issuance under the Sustainable Finance Framework of IsDB and the bank’s biggest US dollar public issuance to date.

Dubai is one of the largest sukuk listing venues globally, with a total value of $80.1bn. It has also increased the total value of fixed income listings on the exchange to $108.8bn.

Read: Saudi’s Islamic Development Bank lists $2.5bn sustainability sukuk on Nasdaq Dubai

The most recent 5-year sukuk issuance of IsDB attracted more than $2.4bn worth of orders. Proceeds of the sukuk will be utilised for the development mandate of the bank, which also includes its wide-ranging response to financing the recovery from the pandemic for its member countries, according to UAE state-run news agency WAM.

“We are pleased to see our relationship with Nasdaq Dubai growing stronger with this new listing of our landmark Sukuk issuance, which reaffirms IsDB’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 CFO of IsDB.

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