The Islamic Development Bank is looking to tap the capital markets for $750 million to $1 billion when it issues its next sukuk later this year. The Bank, which holds a AAA rating from Standard & Poor's funds, should find it relatively easy to issue sukuk, given the demand for high-grade investments, and a general shortage of sukuk worldwide.
Last year, after nearly reaching the limit of its $3.5 billion sukuk program, the VP of the Islamic Development Bank Abdul Aziz Al-Hinai said it would be raised to at least $5 billion and possibly to as high as $8 billion. Zawya's Sukuk database indicates that the remaining $600 million in unissued sukuk are due to be issued this year, so if the sukuk is larger than this, the Bank would have to raise its sukuk program size. The IDB uses the sukuk to finance projects in OIC countries.