Islamic Development Bank

IDB plans USD 500 mn sukuk

The Islamic Development Bank (IDB) said that it planned a USD 500 mn sukuk, to finance its 2009 financing program.

President of IDB addresses the 5th World Islamic Economic Forum

Press Release

Jakarta, 3rd March, 2009

The Islamic Development Bank Group (IDB Group) provided “Gold Sponsorship” to the 5th World Islamic Forum WIEF being held in Jakarta, Republic of Indonesia. In his speech in the Leadership Panel on “Innovative Solutions to Global Challenges”, HE Dr. Ahmad Mohamed Ali, President of the IDB Group praised WIEF for addressing these critical topics, and emphasized three avenues to new innovative solutions to meet global challenges, namely, ethics-based rather than rule-based financial governance structure, investment partnership with the poor and the vulnerable, and unleashing the God-given potential and innate strength of the full human resources. In his speech, he briefed the participants on IDB Group activities in meeting global challenges.

The first day of the Forum included two panel sessions titled “Leadership Panel” and “Global CEO Panel” followed by four plenary sessions namely; Beyond Scarcity: Overcoming the Global Food Crisis, Paving Greener World: Creating a Future for Alternative Energy, Stemming the Tide of the Global Financial Crisis, and Global SMEs: Business Beyond Boundaries.

Largest Islamic bank to be launced by June

Liau Y-Sing reported on 23 January that the largest Islamic bank is announced to be launched in June operating out of Bahrain with a paid up capital of USD 11 bn; the Islamic Development Bank being the largest shareholder according to Sheikh Saleh Abdullah Kamel, chairman of the General Council of Islamic Banks and Financial Institutions. The bank, which has yet to be formally named, has been in the pipeline for several years and is currently undergoing final review by IDB on its capital input. While a total of $1 billion will be raised by private investors, including IDB, the other $10 billion is expected to come from an IPO on the Bahrain stock exchange, Sheikh Saleh Abdulla Kamel is cited.

Millennium Private Equity first close

Finalternatives reported on 22 April that Millennium Private Equity has held a first close on its Global Energy Fund, which has raised USD 200 mn, and its Telecoms, Media & Technology Fund at USD 150 mn. Both are targeting USD 1 bn in equity. The funds shall have a tenor of 7 years, targeting 20 % IRR and investing between USD 20 to 100 mn per transaction.

Sponsors of the funds include Dubai Islamic Bank, United Gulf Bank, the Bahrain-based investment banking arm of the KIPCO Group of Kuwait, and the Saudi Arabian Islamic Development Bank, each conbtributing USD 50 mn to each fund, as well as Kuwait Finance House, which invests USD 50 mn into in the Global Energy Fund.

Keba Keinde is chief executive of Millennium Finance Corporation and chairman of Millennium Private Equity. Millennium Private Equity, a subsidiary of Millennium Finance Corp., is based at the Dubai International Financial Centre.

Source: http://www.finalternatives.com/node/4155

Philippine Government plans USD Sukuk

Eileen A. Mencias reported in Manila Standard Today on 15 April that the Philippine Government plans a USD 900 - 1000 mn 5-year sukuk through Al-Amanah Islamic Bank to provide a long-term financing package for the acquisition of the Metro Rail Transit-3 project along Edsa to replace bridge finance by the Development Bank Philippines (DBP). First Metro is teaming up with the DBP to arrange the Sukuk bonds. DBP is in the process of taking over control of Al-Amanah Islamic Bank. CIMB and Islamic Development Bank are supposed to assist in structuring.

Juanchito Dispo is executive vice president of First Metro Investment Corp.

Source: http://www.manilastandardtoday.com/?page=business2_april15_2008

ICD studies new bank for Maldives and Sukuk for Mauritania and Indonesia

Khaleej Times reported on 26 March about The Islamic Corporation for the Development of the Private Sector (ICD), an arm of the Jeddah-based Islamic Development Bank (IDB).
 
According to Khaled M. Al Aboodi, the new CEO, international projects include the feasibility study to establish an Islamic bank in Maldives and further studies regarding sukuk issues of banks in Mauritania and Indonesia. ICD has also initiated an Islamic investment bank in Azerbaijan.
 
In Saudi-Arabia ICD has established a real estate company called Ewaan, which is capitalised at SR4 00 mn. The company plans to build housing complexes for the low and middle-income people.
 
ICD provides a variety of financial products to its clients such as direct financing through equity participation, term-financing, line of financing to commercial banks and national development financing institutions (NDFIs), short-term corporate finance, asset management, structured financing, and advisory services to private and public companies.
 
Source:

Islamic Development Bank fosters climate research in Pakistan

The Islamic Development Bank (IDB) will help Pakistan Institute of Development Economics (PIDE) to conduct research on climatic changes and devise strategies to face the impending environmental challenges.

Pakistan would be adversely affected by climatic change in the years to come and there was dire need that a comprehensive strategy was devised to overcome this, he maintained.

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