IDB plans $1 billion sukuk

Riyadh, May 9, 2012

Saudi Arabia’s Islamic Development Bank (IDB), which operates on the principles of Shari’ah, plans to raise up to $1 billion by issuing a sukuk, a spokesman for the bank told Reuters on Wednesday.

Asked about media reports quoting IDB president Ahmad Mohamed Ali as saying the Jeddah-based multinational lender plans to raise between $500 million and $1 billion through a sukuk, the spokesman said: "That's true."

A senior official at the IDB's treasury department was not immediately available to provide details. – Reuters

Tags: Saudi Arabia | Jeddah | sukuk | IDB | Islamic Development Bank |