IsDB Forges Stronger Asian Partnerships, Eyes $6 Billion Sukuk Expansion

Hong Kong, China, 24 January 2024 – Concluding the last leg of his mission to the Far East to forge and consolidate partnerships with the top global financial institutions, Islamic Development Bank (IsDB) President and Group Chairman, H.E. Dr. Muhammad Al Jasser, has arrived in Hong Kong, China.

Apart from addressing the Asian Financial Forum 2024, Dr. Al Jasser also held separate meetings with the top management of several big global institutions in Hong Kong, including Dr. Jose Vinals, Group Chairman, Standard Chartered Hong Kong; Ms. Jenny Johnson, CEO of Franklin Tempelton; Mr. Lorenzo Bini Snaghi, Chairman, Societe Generale Hong Kong and Mrs. Amy Lo, Co-Head, UBS Wealth Management Asia Pacific and Head and Chief Executive, UBS Hong Kong.

The prevailing topic on the agenda of discussions was expanding treasury relations and potential cooperation in supporting diversification and investor’s reach to IsDB Sukuk which is equal to conventional bonds. They also discussed elevating financial cooperation, demystifying misconceptions about Islamic finance instruments and promoting Sukuk in Asian financial markets.

The long-standing relations between IsDB and some of these leading Global Banks date back to nearly 4 decades under prevailing Master Treasury Agreements.

IsDB‘s 2024 funding program is our largest ever, as we are targeting to raise US$ 6 billion through benchmark-size Sukuk issuances, mainly in the dollar and euro. 

Since 1976 to date, IsDB Group has approved an excess of US$ 180 billion in development finance to a wide array of sectors to help improve socio-economic development in its 57 member countries and beyond.