IDB targets US$10b sukuk programme

The Islamic Development Bank (IDB) will boost its sukuk programme by more than 50 per cent by year-end as demand for financing from member countries, including Turkey and Morocco, grows. IDB aims to raise its medium-term note programme to US$10 billion (RM33 billion) from US$6.5 billion, so that it is ready to tap the market at any time. The increase will be the largest by value since the programme was started in 2005 by the almost 40-year-old bank.