Saudi's Islamic Development Bank plans to issue $500 million five-year notes

By Reshmi Basu

New York, Feb. 4 - Islamic Development Bank plans to issue $500 million five-year sukuk bonds, according to a market source.

Deutsche Bank is managing the sale.

Sukuk bonds comply with Sharia law, which prohibits the payment of interest. Instead, investors are paid with profits from approved investments.

The proposed issuer is a multilateral development financing institution.

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