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The programme was originally established in 2005 and this update made a number of Shari'a related structural changes to reflect developments since the programme was established as well as increase the programme size to US$1.5 billion.

The Clifford Chance team worked closely with The Islamic Development Bank and its Shari'a scholars to update this novel sukuk-al-isthismar sukuk programme within the precepts of Shari'a. The programme provides for the issuance of both floating rate and fixed rate certificates. Trust Certificates issued under the programme may be admitted to listing on the official list of the United Kingdom Financial Services Authority and to trading on the London Stock Exchange.

The availability of the sukuk programme will assist The Islamic Development Bank to continue fostering the economic development and social progress of its member countries and Muslim communities.

Deutsche Bank AG, London Branch and HSBC Bank plc were the joint arrangers and dealers of the programme.

Qudeer Latif, Partner and Head of Islamic finance, comments: "Our relationship with the Islamic Development Bank spans back many years and we are delighted to have worked with the IDB again for this successful and innovative update of their programme. The IDB has always been at the forefront of Islamic market developments and this transaction is no exception. We also congratulate the IDB on two successful new issuances under the programme in continuing difficult global market conditions".

The Clifford Chance team in Dubai was led by Qudeer Latif, Partner, Global Head of Islamic Finance and comprised of Bilal Ahmad (Senior Associate) and Shauaib Mirza (Associate). The Clifford Chance team in Madrid comprised of Antonio Henriquez (Senior Associate) and Patrizia Nowakowski (Trainee).

Denton Wilde Sapte acted for the dealers and Ogiers provided Jersey law advice.