Thursday, Oct 22, 2009
Gulf News
Dubai The International Finance Corporation (IFC), a member of the World Bank Group, yesterday listed its debut $100 million sukuk on Nasdaq Dubai and said it has a pipeline of Islamic bond issues to be listed on the bourse.
"We have plans to issue sukuk at regular intervals to fund various development and infrastructure projects we are supporting in the region. We intend to tap the market at regular intervals of 12 to 18 months," said IFC treasurer Nina Shapiro.
The sukuk listed yesterday was the first Islamic bond issue by a non-Islamic international multilateral agency. The sukuk, with five-year maturity, has IFC's regional assets in the health sector as the underlying.
The sukuk, which has been rated "Aaa" by global credit rating agency Moody's, will be listed on both Nasdaq Dubai and Bahrain Stock Exchange.
"The IFC issue will serve as a benchmark for future sukuk issues by the international agencies and corporations," said Jeff Singer, chief executive officer of Nasdaq Dubai.
regulator
damas under scanner
Dubai Financial Services Authority (DFSA) is closely looking at the books of Damas as part of its investigations in to the recent admission by the company that there was $165 million worth of unauthorised transactions, a DFSA source told Gulf News.
Earlier this month the company announced that its board had appointed a global audit firm to conduct a review and an international law firm to assist in analysis of the transactions.
"We are satisfied with the steps taken by the company's board. Now it is for the market regulator to examine if there was any violation of any regulations," Jeff Singer Chief Executive of Nasdaq Dubai, told Gulf News yesterday.
By Babu Das Augustine, Deputy Business Editor
Gulf News 2009. All rights reserved.
