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World Bank's IFC considering return to sukuk market
June 16, 2014 / 5:31 AM / 3 years ago

World Bank's IFC considering return to sukuk market

June 16 (Reuters) - The International Finance Corp (IFC) , the World Bank’s lender to the private sector, is considering a return to the Islamic bond market, an IFC official said.

A sukuk issue is still in the early stages of discussion but would likely be in the 2015 fiscal year, which starts next month, Mouayed Makhlouf, IFC director for the Middle East and North Africa, said on the sidelines of a news conference in Dubai on Sunday, giving no further details.

The IFC, which aims to spur private investment in developing countries, last issued a $100 million, five-year sukuk in 2009, listing it on the Dubai and Bahrain bourses.

Its first sukuk came in 2004 in Malaysia, a 500 million ringgit (now $155 million), three-year deal.

An IFC treasury spokeswoman said the IFC had not so far mandated any banks to conduct a sukuk issue. (Editing by Andrew Torchia)

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