IDB TO ISSUE NEW US$3.5 BLN SUKUK, LISTING ON MALAYSIA & LONDON STOCK EXCHANGES

KUALA LUMPUR, Aug 24 (Bernama) -- The Islamic Development Bank (IDB) is
currently working on issuing a new US$3.5 billion sukuk which will be listed on
Bursa Malaysia Securities (Malaysia's stock exchange) and the London Stock
Exchange by year-end, said Vice President Dr Abdul Aziz Al Hinai.
The Sukuk proceeds would be used to finance development projects in
member countries.
In July 2009, the US Dollar programme was upsized to US$1.5 billion and
this was followed by the issuance of IDB's US$850 million Sukuk and US$200
million Sukuk in September the same year.
"Out of the US$3.5 billion programme that is being worked on, US$1 billion
will be issued and listed by the end of the current year," said Dr Abdul Aziz,
after the listing of a RM1 billion Sukuk medium-term note programme here
Tuesday.
IDB became the first multilateral development bank to list its ringgit sukuk
on the exchange which is rated AAA by Standard & Poors.
Also present was Malaysia's central bank Bank Negara Malaysia Governor, Dr
Zeti Akthar Aziz.
The bank finances between US$5 billion and US$7 billion worth of projects,
annually, in member countries.
He said the US$3.5 billion Sukuk would have a five, seven and 10-year
tenure.
CIMB group is one of the lead joint arranger/manager for the programme
listed today.
-- BERNAMA