IslamicFinance.de

The World Bank plans to raise as much as $500 million worth of sukuk this year to help fund an immunisation programme, one of several initiatives from the multilateral body in the Islamic finance sector. The World Bank, acting as treasurer of the International Finance Facility for Immunisation (IFFIm), would help issue the sukuk. The World Bank has hired Standard Chartered and National Bank of Abu Dhabi to arrange the transaction, which could happen as early as this month although a specific timeframe has yet to be finalised. The size is expected to be between $300 million to $500 million, depending on market conditions. Since 2006, IFFIm has raised $4.5 billion through bonds, its last issuance was a $700 million bond in June of last year.