IslamicFinance.de

The International Finance Corp (IFC), the World Bank's lender to the private sector, has received a preliminary AAA rating from Standard & Poor's for a proposed $100 million issuance of sukuk. Proceeds of the sukuk would be used to purchase a portfolio of diversified sharia compliant receivables and other assets, the credit rating agency said in a statement. The transaction would match the size of the last sukuk issued by IFC in 2009, a five-year deal which was listed on the Dubai and Bahrain bourses. The latest sukuk from IFC would rank on the same level as other senior unsecured financial obligations from the multilateral lender, S&P said.