IDB Eyes $10b Sukuk

Islamic Development Bank ( IDB ), the AAA-rated multinational lender, will boost its sukuk program by more than 50 percent by year-end as demand for financing from member countries, including Turkey and Morocco, grows.

IDB aims to raise its medium-term note program to $10 billion from $6.5 billion, so that it is ready to tap the market at any time, said Abdul Aziz Al Hinai, vice-president of finance at IDB .

The increase will be the largest by value since the programme was started in 2005 by the almost 40-year-old bank.

Saudi Gazette