The inclusion puts the IDB in the same profile enjoyed by 13 other multilateral development banks like the World Bank, European Bank for Reconstruction and Development, Asian Development Bank, African Development Bank and others.

H.E. Dr. Ahmad Mohamed Ali, IDB President, pointed out that the step would help the bank to mobilize resources from EU markets at minimum rates, specially for Islamic sukuk. The Sukuk, or Islamic fixed-income securities have emerged over the past 15 years as an increasingly important asset with a number of objectives: to enable organizations to raise capital in a Shariah-compliant fashion, whilst at the same time expanding the investor base and offering investment opportunities.

In the past IDB launched two Sukuk issues of up to U$ 900 million (U$ 500 and U$ 400 respectively).

Dr. Ali added that the sovereign EU parliament move comes in line with high commercial ratings accorded to IDB by Standard & Poor’s, which affirmed (AAA) long term and (A-1+) short term for the fifth year in a row. Moody’s Investors Service also rated IDB (Aaa) long term and (p-1) short term.

(IDB) is an international financial institution, based in Jeddah, Saudi Arabia, established in 1975 to serve Islamic countries and Muslim communities in non-member countries around the world. Its annual finances averages U$4 billion.