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IsDB lists $1.5bn Sukuk on Nasdaq Dubai

IsDB lists $1.5bn Sukuk on Nasdaq Dubai
The Sukuk is the first ever AAA-rated sustainability Sukuk

UAE - Mubasher: Nasdaq Dubai has welcomed the $1.5 billion Sukuk listing of the Islamic Development Bank (IsDB), according to a press release on Sunday.

The IsDB seeks to raise funds to supports the coronavirus (COVID-19) relief initiatives, including medical, social, and business projects, in many of the bank's 57 member countries.

Under its Sustainable Finance Framework, the Sukuk is the second to be issued by IsDB, following its Green Sukuk in 2019, bringing the total number of Sukuk on Nasdaq Dubai to 12 worth $16.14 billion.

The Sukuk is the first ever AAA-rated Sustainability Sukuk and the first COVID-19-related Sukuk in global capital markets.

The President of IsDB, Bandar Hajjar, said: "The competitive profit rate of 0.908% that we achieved reflects strong market confidence in our issuance and we look forward to further expanding our sustainable financing activities, including developing our cooperation with Nasdaq Dubai as the region’s international financial exchange."

The Chairman of Nasdaq Dubai, Abdul Wahed Al Fahim, remarked: "This listing underlines the wide diversity of issuers on Nasdaq Dubai, which so far this year has hosted new Sukuk issuances from a variety of sovereign, multilateral and private sector entities from around the world."