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Saudi Arabia-based Islamic Development Bank (IsDB) has listed a $1.6 billion sukuk on Nasdaq Dubai.
A first for IsDB this year, the new listing brings the total value of sukuk listed in Dubai to $77.5 billion and strengthens the emirate’s status as one of the largest listing centres globally, Nasdaq said on Friday.
Proceeds of the issuance will be used to finance projects.
The five-year trust certificates have been successfully priced at par with a profit rate of 3.213 percent, payable on a semi-annual basis.
The latest issuance also strengthens IsDB’s position as the largest supranational institution issuing sukuk on Nasdaq Dubai with a total value of $18.04 billion currently listed through 13 issuances.
(Writing by Cleofe Maceda; editing by Seban Scaria)
