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Sun 3 Oct 2010 03:22 PM

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Saudi-based IDB more than doubles sukuk plans

Islamic Development Bank raises ceiling of its Islamic bond issuance programme to $3.5bn

Saudi-based IDB more than doubles sukuk plans
SUKUK WATCH: Islamic Development Bank raised the ceiling of its Islamic bond issuance programme to $3.5bn.(Getty Images)

The Islamic Development Bank (IDB) has raised the ceiling of its Islamic bond, or sukuk, issuance programme to $3.5 billion from $1.5 billion, the Saudi-based lender said on Sunday

"(IDB) has successfully updated its Sukuk Trust Certificate Issuance programme and increased the ceiling of the program from $1.5 billion to $3.5 billion," it said in a statement.

"This increase is to facilitate new issuance of Sukuk which will be used to finance a planned growth in IDB's operations," it added.

It did not say when it plans to sell its next sukuk. (Reuters)

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I think Saudi Arabia's government is one of the strongest ones in Asia. They have the most dependable policies which every one in their countries follows.