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IFC lists USD100 million Islamic bond on Nasdaq Dubai

Xinhua, October 26, 2015 Adjust font size:

Nasdaq Dubai, the Middle East's only international exchange, said on Monday that International Finance Corporation (IFC), a member of the World Bank Group, listed a 100 million dollar Islamic bond (Sukuk) on the exchange.

It is the second to be listed by IFC on Nasdaq Dubai, following the listing of a 100 million U.S. dollar Sukuk in 2009.

IFC will use the funds to support activities by private sector clients, said Nasdaq Dubai in an e-mailed statement.

Bahar Alsharif, IFC deputy treasurer, said this issuance will help meet the funding needs of IFC's private-sector clients in the Middle East and globally.

"As a premium global issuer, IFC is also keen to offer international and regional investors high-quality alternatives in Islamic financial markets," he added.

Through its latest Sukuk, IFC will support developmental financing activities in the Middle East and North Africa and other parts of the world.

The organization works with more than 2,000 businesses worldwide and in 2015, its long-term investments in developing countries rose to nearly 18 billion U.S. dollars.

Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said "Our successful cooperation with IFC underlines the exchange's role in promoting the Islamic capital markets as a valuable tool for issuers from around the world, from multilateral organisations and sovereign entities to public and private sector institutions."

The IFC Dubai branch is located in the financial free zone Dubai International Financial Center, which is also home to the Nasdaq Dubai. Endit