IDB raises sukuk issuance by up to $2 bln
The Islamic Development Bank (IDB) will more than double the size of bonds, or sukuk, issued under an ongoing programme to $3.5 billion to help meet financing needs mainly from flood-ravaged Pakistan.
"(IDB) has successfully updated its Sukuk Trust Certificate Issuance programme and increased the ceiling of the program from $1.5 billion to $3.5 billion," it said in a statement.
"This increase is to facilitate new issuance of sukuk which will be used to finance a planned growth in IDB's operations," it added.
An IDB official said the move would enable the bank to provide loans to Pakistan, hit by massive flooding earlier this year. The World Bank estimates the floods have damaged or destroyed more than 1.8 million homes and displaced over 8 million people.