By Andrei Skvarsky.
A $600m issue of sukuk, or Islamic bonds, listed by Islamic Corporation for the Development of the Private Sector (ICD), on Nasdaq Dubai on October 15 has been oversubscribed about three times over, ICD said.
The capital to be raised by the five-year Sharia-compliant securities would be used to support private sector activities in ICD’s 55 member countries.
The money would be used to boost private enterprise and competition, create jobs, improve export opportunities, and promote debt and equity markets, according to a statement from the corporation, which is the private sector arm of the Saudi-based Islamic Development Bank (IsDB).
October’s listing is ICD’s second sukuk issuance after a $300m issue listed on Nasdaq Dubai in 2016. It brings the total value of sukuk listed in Dubai to $74.05bn.
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