IDB to launch $10 billion Islamic bond program in Dubai

The Islamic Development Bank (IDB) (ISDBA.UL) will set up a $10 billion sukuk issuance program on the Nasdaq Dubai exchange, a boost to Dubai's efforts to become a top center for Islamic finance in competition with other cities. It would be the Jeddah-based IDB's third sukuk program - it already issues Islamic bonds in London and Kuala Lumpur - and its first in a Middle Eastern country. In January, Dubai launched a drive to become a center for Islamic business; its exchanges have so far listed $12.5 billion of sukuk and the total is expected to reach $16 billion by year- end, a statement from the office of Dubai's ruler said late on Saturday.



via Business News - Yahoo Finance http://finance.yahoo.com/news/idb-launch-10-billion-islamic-051350826.html