IDB plans $6bn Sukuk in 5 years.

Byline: Khalil Hanware

JEDDAH: The Islamic Development Bank (IDB) plans to issue $6 billion worth of Sukuk over the next five years in order to finance its programs, the bank president said.

While addressing a press conference at the IDB headquarters here yesterday, Ahmad Mohamed Ali said a $500 million Sukuk would be launched within a few weeks followed by another $500 million." He also said the bank was planning to issue $1.25 billion worth of Sukuk every year for the next five years.

"The new Sukuk will increase the IDB's financing program by 30 percent," he added.

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