Islamic Development Bank and Bank of China Eye Investment Cooperation

Beijing, China, 22 January 2024 – Currently in China to strengthen ties with development partners and also forge new partnerships, Islamic Development Bank (IsDB) President, H.E. Dr. Muhammad Al Jasser, has met and conferred with Ms. Zhao Rong, Chief Business and Management Officer of Bank of China (BOC).

Headquartered in Beijing, BOC is one of the largest banks in the world in terms of market capitalization and has been operational for more than a century.

The two sides exchanged views over the possibility of BOC investing in Islamic bonds (Sukuk) regularly issued by the Islamic Development Bank.

IsDB’s 2024 funding program, the largest ever, targets raising US$ 6 billion through benchmark-size Sukuk issuances in mainly USD and EUR currencies. 

The IsDB President reiterated that the Bank is looking to strengthen its investor outreach in China and considers BOC as a critical potential partner to help attract Chinese investors to IsDB Sukuk. 

Relations between IsDB and BOC commenced in 2018 via the BOC London Branch Office and the two sides could potentially expand collaborations in Treasury activities on money markets as well as Islamic capital markets as IsDB eyes BOC as a potential counterpart for derivative transactions.

Since 1976 to date, the Islamic Development Bank (IsDB) Group has approved a cumulative financing of more than US$ 180 billion to fund the socio-economic development drive in its 57 member countries and beyond with an emphasis on a green and just transition for a sustainable and resilient future for all.