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Islamic Development Bank’s $800m sukuk rated at AAA

Fitch Ratings has rated at AAA Islamic Development Bank's (IDB) issuance of $800m Trust Certificates due June 26, 2017 issued by IDB Trust Service, under its $6.5bn Trust Certificate Issuance Programme (TCIP), Reuters has reported. The trust certificates will take the form of Sukuk, a financing instrument compliant with Shari'ah law, and will be used to finance planned growth in the IDB's operations. Established in 1975, the IDB is a multilateral development bank (MDB) and is based in Jeddah, Saudi Arabia.