The Islamic Development Bank has listed a $1.25 billion sukuk on Nasdaq Dubai, the region’s international financial exchange.
It is the seventh sukuk listing on the exchange by the IDB, making it the largest sukuk issuer on Nasdaq Dubai at $8.55 billion.
Altogether, Nasdaq Dubai has 56 sukuk listings totalling $43.96 billion, making it the largest exchange in the world for Sukuk by value.
Based in Saudi Arabia, the IDB has 57 member countries and its activities are designed to foster their economic development and social progress.
In September, rating agency Standard & Poor’s said corporate and infrastructure sukuk issuance in the Gulf region and Malaysia has continued to stagnate so far this year and this may carry over to the coming quarters.
It said that in the GCC, corporate and infrastructure sukuk issuance totalled $2.5 billion in the first eight months of 2016, compared with $2.3 billion for the preceding eight months.
Versus the same periods in 2013 and 2014, issues are down sharply from $5 and $6.5 billion, respectively, S&P said.