Islamic Development Bank Triples Authorised Capital to US $150 Billion

The Islamic Development Bank's Board of Governors (BoG) has approved to more than triple the Bank's authorized capital to 100 billion Islamic Dinars (about US$150 billion) from 30 billion. The BoG also increased the Bank's subscribed capital from 18 billion to 50 billion Islamic Dinars. The capital increase reflects the Bank's strong balance sheet and the growing economic development needs of its 56 member countries. The Bank also announced it will immediately tap the public market with a US$1 billion offering of sukuk. The five-year offering is rated Triple A by each of the three major bond rating agencies (Standard & Poor's, Moody's and Fitch), and will be dually listed on the London Stock Exchange and Bursa Malaysia. The Bank has been designated as a Zero Risk Weighted Multilateral Development Bank by the Basel Committee on Banking Supervision and the Commission of the European Communities.