JEDDAH - Dr. Zamir Iqbal, Vice President, Finance (Chief Financial Officer) of the Islamic Development Bank (IsDB), has said that the bank collected US$1.6 billion from its first Sukuk issuance in April. The AAA-rated issuance was executed in line with the bank’s $4.1 billion financing plan for 2022, approved by the chairman.

In his statement to the Emirates News Agency (WAM), Dr. Iqbal said that the issuance generated considerable interest from investors seeking value and quality and was completed thanks to the bank’s solid financial and credit reputation.

He noted that the proceeds were used to finance projects to recover from the COVID-19 pandemic, reduce poverty, ensure food security, and generate green economic growth.