Saudi Arabia's Islamic Development Bank taps CIMB for sukuk issue

By Christine Van Dusen

Atlanta, Aug. 25 - Saudi Arabia's Islamic Development Bank has mandated CIMB as one of five banks to lead a $1 billion sukuk transaction, a market source said.

The deal is expected to come to market in the fourth quarter.

Proceeds will be used to increase lending to member states coping with the economic crisis.

Islamic Development Bank is a Jeddah, Saudi Arabia-based financial institution created to help economic development in 56 member countries.

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