UAE - Mubasher: Nasdaq Dubai has welcomed the listing of five-year sustainability Sukuk worth $2.5 billion by Islamic Development Bank (IsDB), which supports development across its 57 member countries.

Priced at par with a profit rate of 1.262% payable on a semi-annual basis, the trust certificate issuance is IsDB's biggest US dollar public issuance to date and the second under the Sustainable Finance Framework, according to a press release on Monday.

The bank will use the proceeds of the Sukuk to finance and refinance green and social development projects, eligible under the IsDB Sustainable Finance Framework.

With the new listing, the total value of IsDB Sukuk on Nasdaq Dubai reached $17.14 billion through 12 tranches.