“IDB is continuously expanding the extent of its interventions in member countries with total funding exceeding $8.3 billion in 1432H; and this is expected to increase given the huge demand especially from the MENA countries,” Dr. Ahmed Mohamed Ali, President of the IDB, said, while praising the strong and generous support of the member countries.
“IDB is always looking at new ways of resource mobilization and plans to issue regular annual sukuk tranches ranging from $500 million to $1.5 billion under its Medium Term Note program. This is to leverage the Bank’s ‘AAA’ rating to mobilize funds on reasonable terms from the market for the benefit of our member countries,” he added.
IDB is an international financial institution established in 1975 with the purpose of fostering economic development and social progress of Member Countries and Muslim communities in non-member countries in accordance with the Islamic Banking. IDB is one of the few multilateral developments financial institutions with the highest possible credit ratings (AAA with Stable Outlook) issued by the three leading international rating agencies – Standard & Poor’s, Fitch and Moody’s. Moreover, IDB has been recognized as eligible for ‘Zero Risk-Weight’ by Basel Committee on Banking Supervision in 2004 and the European Union in May 2007.