CitiGroup supports Islamic development bank in debut 'SUKUK' issue

The IsDB has mandated Citigroup to act as a Lead Manager and Citi Islamic Investment Bank (E.C.), Citigroup's dedicated Islamic Banking vehicle, will perform the role of Structuring Advisor for the issue.

IsDB also intends to obtain international credit ratings from Moody's Investors Service, Standard & Poor's and Fitch Ratings. Citigroup has been retained as IsDB's Ratings Advisor for the process.

IsDB, which was established by Articles of Agreement in October 1975, is the premier multilateral financial institution of the Muslim world. The purpose of IsDB is to foster the economic development and social progress of Member Countries and Muslim communities, individually as well as jointly, in accordance with the principles of the Shariah, i.e. Islamic Law. The present membership of IsDB consists of 54 countries.

By a Resolution of the Board of Governors adopted in October 2001, the subscribed capital of the IsDB has been increased from Islamic Dinars 4.1 billion (US$ 5.19 billion) to Islamic Dinars 8.1 billion (US$10.26 billion). IsDB's cumulative project approvals since its inception amount to more than Islamic Dinars 18.2 billion (approximately US$ 23.05 billion).

IsDB is headquartered in Jeddah, Saudi Arabia, with regional offices in Rabat, Morocco, Kuala Lumpur, Malaysia, and Almaty in Kazakhstan. Additional information may be found at www.isdb.org.sa.