JEDDAH, 6 August — The Islamic Development Bank (IDB) intends to access the international capital and Islamic finance markets through a debut “Sukuk” issue, it was announced here yesterday.
IDB has mandated Citigroup to act as lead manager and Citi Islamic Investment Bank, Citigroup’s dedicated Islamic banking vehicle, will perform the role of structuring advisor for the issue.
IDB also intends to obtain international credit ratings from Moody’s Investors Service, Standard & Poor’s and Fitch Ratings.
Citigroup has been retained as IDB’s ratings advisor for the process.
Established in October 1975, IDB is the premier multilateral financial institution of the Muslim world.
The purpose of the 54-member IDB is to foster the economic development and social progress of member countries and Muslim communities, individually as well as jointly, in accordance with the principles of the Shariah.
By a resolution of the board of directors adopted in October 2001 IDB’s subscribed capital was increased from Islamic dinars 4.1 billion ($5.19 billion) to Islamic dinars 8.1 billion ($10.26 billion).
IDB’s cumulative project approvals since its inception amount to more than Islamic dinars 18.2 billion (approximately $23.05 billion).
