Islamic Development Bank Hires Banks for Potential USD-Denominated Five-Year Sukuk

Saudi Arabia based Islamic Development Bank (IsDB) has hired banks for a potential issuance of a USD-based 5-year Sukuk, according to an official document.

Industry sources claimed that IsDB has mandated Citi, Credit Agricole, Emirates NBD Capital, (Persian) Gulf International Bank, HSBC, the Islamic Corporation for the Development of the Private Sector, Natixis, Societe Generale and Standard Chartered to arrange the issuance, subject to market conditions.

The IsDB will be using the funds raised to finance sustainable projects, including the generation of jobs and the financing of small and medium-sized enterprises, as well as to support educational programs, according to an investor...