IDB to double Sukuk issues to $3.5 billion

IDb will more than double the size of bonds, or Sukuk, issued under an ongoing program to $3.5 billion to help meet financing needs mainly from flood-ravaged Pakistan.
In 2009, the Saudi-based triple-A lender issued an $850 million Sukuk which was the first tranche of a $1.5 billion bond. The issue was part of the $6 billion program it established to soften the impact of the financial crisis on its member countries.
Pakistan, Afghanistan and Senegal, among the world's 50 poorest nations, are turning to Islamic banking to spur economic growth by encouraging people to take out loans and open savings accounts.