Jeddah, Saudi Arabia — President of the Islamic Development Bank (IsDB) Muhammad Al-Jasser held today held discussions with senior officials of Industrial and Commercial Bank of China Limited (ICBC) and the Bank of China (BOC).
The ICBC Bank Chief Business and Management Officer Wang Kun, expressed interest in the sukuk (Shariah-compliant bonds) market. This interest arises as IsDB undertakes its largest-ever financing program, valued at $6 billion for 2024, Saudi Gazette reported.
The BOC’s Chief Business and Management Officer discussed strengthening collaboration in treasury activities, stock, and capital markets.
The parties discussed investment prospects in IsDB’s sukuk and agreed to explore opportunities for collaboration in Islamic capital markets.
Al-Jasser also held a meeting with Executive Vice President and Deputy Chief Investment Officer of China Investment Corporation Guo Xiangjun, focusing on the potential of IsDB’s AAA-rated sukuk to drive global sustainable development. They reached an agreement to cooperate in areas of shared interest.
According to IsDB, the bank has raised over $46 billion to date through issuing sukuk. The amount includes over $5 billion in Green Sukuk and Sustainability Sukuk, and underscores the trust and confidence investors have in IsDB.