Nasdaq Dubai welcomed the listing of a $2.5 billion Sustainability Sukuk by Islamic Development Bank (IsDB), the lender which finances development across its 57 member countries.

This is the second AAA-rated Sukuk issuance under the Sustainable Finance Framework of IsDB and is the bank’s biggest US dollar public issuance to date.

The 5-year $2.5 billion Trust Certificates were priced at par with a profit rate of 1.262 per cent, payable on a semi-annual basis.

Proceeds of the Sukuk will be allocated to finance and refinance green and social development projects that are eligible under IsDB Sustainable Finance Framework.

The first of Islamic Development Bank’s current Sukuk listings on Nasdaq Dubai was a $1 billion instrument that listed in 2015. With this latest addition, the total value of IsDB Sukuk listed on Nasdaq Dubai is $17.14 billion through 12 tranches.

IsDB’s activities across its member countries include building partnerships between governments, the private sector and civil society; increasing skills and knowledge sharing; focusing on innovation led solutions to development challenges and promoting global development underpinned by Sharia-compliant sustainable financing structures.

Nasdaq Dubai is a Dubai-based stock exchange that lists regional and international shares in the Middle East.

Through the exchange, regional issuers can access regional and international investment. International issuers can access investment from the region, through a primary or dual listing.