The Islamic Development Bank (IDB) intends to access the international capital and Islamic finance markets through a debut Sukuk issue. The IDB has mandated Citigroup to act as a lead manager and Citi Islamic Investment Bank, Citigroup's dedicated Islamic banking vehicle, will perform the role of structuring advisor for the issue.
IDB also intends to obtain international credit ratings from Moody's Investors Service, Standard & Poor's and Fitch Ratings, according to a bank press release. Citigroup has been retained as IDB's ratings advisor for the process.
IDB, which was established by Articles of Agreement in October 1975, is a multilateral financial institution of the Muslim world. The purpose of IDB is to foster the economic development and social progress of member countries and Muslim communities, individually as well as jointly, in accordance with the principles of the Shariah, the Islamic law. The present membership of IDB consists of 54 countries.
By a resolution of the board of governors adopted in October 2001, the subscribed capital of the IDB has been increased from Islamic Dinars 4.1 billion ($5.19 billion) to Islamic Dinars 8.1 billion ($10.26 billion). IDB's cumulative project approvals since its inception amount to more than Islamic Dinars 18.2 billion (approximately $23.05 billion).
IDB is headquartered in Jeddah, Saudi Arabia, with regional offices in Rabat, Morocco, Kuala Lumpur, Malaysia and Almaty in Kazakhstan.
Citi Islamic Investment Bank (CIIB) was incorporated in July 1996 in Bahrain, as a 100-percent owned subsidiary of Citigroup. CIIB operates as the dedicated Islamic banking vehicle of Citigroup.
Citigroup, the global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management.
Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith Barney, Banamex and Travelers. — (menareport.com)
© 2002 Mena Report (www.menareport.com )