BAKU, Azerbaijan, June 18. The Islamic
Development Bank (IsDB) Group has issued more than $50 billion in
sukuk, of which $5 billion is "green sukuk", and the bank maintains
the AAA rating, IsDB Group Chairman Muhammad Sulaiman Al Jasser
said, Trend's
correspondent reports from the event.
He made the remark during the Fireside Chat with the Chairman of
IsDB Group, organized within the framework of the 51st Annual
Meeting of the IsDB Group.
The official spoke about Islamic finance instruments, especially
the role of sukuk, and the bank's financial performance.
Al Jasser noted that Islamic finance offers new financial
instruments that can be adapted to various projects:
"Sukuk is an important innovation based on Islamic traditions
and, since it's backed by assets, prevents excessive borrowing.
This allows for only a controlled amount of issuance and
contributes to financial stability. The sukuk mechanism also
creates opportunities for reinvestment in new projects by raising
funds through the sale or pledge of assets of completed projects,"
he explained.
According to Al Jasser, this instrument, in addition to
facilitating project financing, can also be used as an investment
and savings tool.
The IsDB chairman added that the bank has so far issued more
than $50 billion in sukuk, of which $5 billion is green sukuk.
According to him, the demand in this direction is also quite
high.
Al-Jasir also emphasized that the IDB has a high credit rating,
which has reached the AAA level, thanks to various factors,
including the financial instruments it uses. He said that this is
the only AAA rating obtained in the Islamic financial system.
"The support of shareholders and borrowers played a significant
role in achieving this rating, and the most important issue is to
maintain this high rating," the bank chairman added.
