The bank said in a press statement yesterday, seen by (Namazon site), that these sukuk were priced under the umbrella of the Islamic Development Bank’s credit certificate issuance program, which has a value of $ 25 billion, with a competitive profit rate of 0.908%, which will be paid semi-annually, bearing in mind that this is the second public issue of the Islamic Development Bank during the year 2020.
He served as the co-CEO and record keeper of this issue: Citibank, Credit Agricole, Emirates NBD, GIB Capital, HSBC. , Islamic Corporation for the Development of the Private Sector, Natixis Bank, Societe Generale Bank and Standard Chartered Bank. The Sukuk will be listed on the Euronext Dublin, NASDAQ Dubai and Malaysia Stock Exchanges under the exemption system.
For his part, Jamal Al-Barrak, the general manager of the bank’s investment department, said: “We are delighted that KIB is the joint manager of this first-of-its-kind and AAA-rated version.” In the global capital markets, and the first instruments dedicated to combating the consequences of the emerging corona virus around the world, which will enhance our role and position in the international investment market.
Al-Barrak added: "Participation in the publication will also strengthen our relationship with the Islamic Development Bank (Aaa / AAA / AAA) with a stable outlook by international rating agencies." Moody's, Standard & Poor's and Fitch respectively.
He explained that the proceeds of the sums from the issuance of these sustainability bonds will be allocated to support social projects according to the sustainable financing program of the Islamic Development Bank, with a focus on providing basic services and financing small projects. And medium and provide appropriate job opportunities in its 57 member states, to help them address the health and economic impacts of the spread of the Coronavirus pandemic under the title Response, Restoration, and Re-launch.
