IslamicFinance.de

The International Financial Facility for Immunization seeks to sell as much as $500 million of dollar-denominated Shariah-compliant notes, using the bond proceeds to supply vaccines to some of the world’s poorest nations. IFFIM, a non-profit organization based in London, will sell the three-year vaccine bonds backed by commodities as early as this month. The sukuk will be of the Murabaha type and are rated AA by Standard & Poor’s. Ethical or green sukuk aren’t governed by any industry standards and don’t need a separate endorsement from an Islamic scholar. Issuance of green sukuk is expected to rise as there is growing awareness of environmental preservation.