The Islamic Development Bank (IDB Group) listed its RM 1.0 billion sukuk Medium Term Note (MTN) Program on Bursa Malaysia, becoming the first multilateral development bank to list its Ringgit sukuk MTN Program on the Exchange. The sukuk was issued via IDB Group’s special purpose vehicle, Tadamun Services Berhad and it is the inaugural sukuk by IDB to be issued in local currency.

The ceremony to signify the listing of IDB’s MTN Program was presided over by Tan Sri Dr. Zeti Akhtar Aziz, Governor of Bank Negara; IDB Vice President of Finance Dr. AbdulAziz Al-Hinai; Bursa Malaysia Chairman Tun Mohamed Dzaiddin Abdullah; Bursa Malaysia’s Chief Executive Officer Datuk Yasli Mohamed Yusoff; and CIMB Islamic Bank’s Executive Director and Chief Exective Officer Badlisyah Abdul Ghani.
IDB Group launched its RM 1.0 billion sukuk MTN Program in Malaysia in 2008, with a tenure of 10 years and rated AAA by Standard & Poor's. To date, there have been two sukuk issuances under this Program, in 2008 for RM 300 million, and in 2009 for RM 100 million. The proceeds raised from sukuk issued under this MTN Program are used for general corporate purposes including financing projects in IDB Group’s member countries, in accordance with IDB Group’s Articles of Agreement.
With this listing, Bursa Malaysia's sukuk listings recorded a total of US$ 21.7 billion worth of sukuk program with 16 sukuk listed by 14 issuers, from which three of them are foreign issuers.
IDB Group's Ringgit sukuk MTN Program is listed under the Exempt Regime basis and is therefore not exchange traded. 'Exempt regime' means that debt securities or sukuk issued under the Programme that are listed on the Exchange will not be quoted or traded on the Exchange.
The listing represents further support from the IDB Group for the Islamic finance market. IDB Group collaborated with Bank Negara Malaysia, the Securities Commission of Malaysia and Bursa Malaysia, as well as the CIMB Group, to successfully implement this important initiative. CIMB Islamic Bank is the listing adviser for this listing exercise.