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Wed 27 Sep 2017 02:32 PM

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Saudi's IDB lists $1.25bn sukuk on Nasdaq Dubai

Islamic Development Bank has sukuks totalling more than $10bn on exchange

Saudi's IDB lists $1.25bn sukuk on Nasdaq Dubai
(Photo: State news agency WAM)

Nasdaq Dubai has welcomed the listing of a $1.25 billion sukuk issued by the Islamic Development Bank (IDB).

The listing brings the number of sukuk listings by the IDB on the exchange to eight with a total value of $10.25 billion, making it one of the largest sukuk issuers on Nasdaq Dubai.

Based in Saudi Arabia, the IDB has 57 member countries and its activities are designed to foster their economic development and social progress.

Nasdaq said in a statement that IDB’s latest listing underlines Dubai’s stature as a leading global centre for sukuk activity, with sukuk listings in the emirate currently totaling $52.5 billion.