World Bank lender considers return to sukuk market

International Finance Corp, the World Bank's lender to the private sector, could issue sukuk in 2015, Middle East director says

The International Finance Corp (IFC) , the World Bank's lender to the private sector, is considering a return to the Islamic bond market, an IFC official said.

A sukuk issue is still in the early stages of discussion but would likely be in the 2015 fiscal year, which starts next month, Mouayed Makhlouf, IFC director for the Middle East and North Africa, said on the sidelines of a news conference in Dubai on Sunday, giving no further details.

The IFC, which aims to spur private investment in developing countries, last issued a $100 million, five-year sukuk in 2009, listing it on the Dubai and Bahrain bourses.

Its first sukuk came in 2004 in Malaysia, a 500 million ringgit (now $155 million), three-year deal.

An IFC treasury spokeswoman said the IFC had not so far mandated any banks to conduct a sukuk issue.

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