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Islamic Finance Briefing - Categorized | Banking, Bonds (Sukuk) more

IDB eyes $1bln sukuk for megabank project

Posted on 17 May 2012

Islamic Development Bank (IDB) is seeking partners to bring investment in a Shariah-compliant megabank, as it plans to issue $1 billion worth of Islamic bonds or sukuk in June to fund the project, the bank’s president Ahmad Mohamed Ali said.
“IDB practice is usually a five-year issue in the amount range between $500 million and $1 billion, so in June it will be in this range, as usual,” Ali said. He said the Jeddah-based operation was currently in talks with the banks that will arrange the deal that would be global, indicating the sukuk would be 144a-compliant and, therefore, open to investors from the US………………………………………..Full Article: Source

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