The Islamic Development Bank (IsDB) intends to access the international capital and Islamic finance markets through a debut 'Sukuk' issue. http://www.ameinfo.com/cgi-bin/news/showarticle.cgi?id=82202112444 Dubai, UAE The IsDB has mandated Citigroup to act as a Lead Manager and Citi Islamic Investment Bank (E.C.), Citigroup's dedicated Islamic Banking vehicle, will perform the role of Structuring Advisor for the issue. IsDB also intends to obtain international credit ratings from Moody's Investors Service, Standard & Poor's and Fitch Ratings. Citigroup has been retained as IsDB's Ratings Advisor for the process. IsDB, which was established by Articles of Agreement in October 1975, is the premier multilateral financial institution of the Muslim world. The purpose of IsDB is to foster the economic development and social progress of Member Countries and Muslim communities, individually as well as jointly, in accordance with the principles of the Shariah, i.e. Islamic Law. The present membership of IsDB consists of 54 countries. By a Resolution of the Board of Governors adopted in October 2001, the subscribed capital of the IsDB has been increased from Islamic Dinars 4.1 billion (US$ 5.19 billion) to Islamic Dinars 8.1 billion (US$10.26 billion). IsDB's cumulative project approvals since its inception amount to more than Islamic Dinars 18.2 billion (approximately US$ 23.05 billion). IsDB is headquartered in Jeddah, Saudi Arabia, with regional offices in Rabat, Morocco, Kuala Lumpur, Malaysia, and Almaty in Kazakhstan. Additional information may be found at www.isdb.org.sa. Citi Islamic Investment Bank E.C. (?CIIB') was incorporated in July 1996 in Bahrain, as a 100 per cent owned subsidiary of Citigroup. CIIB operates as the dedicated Islamic Banking vehicle of Citigroup and is continuing the pioneering and innovative role that Ciricorp has been playing in the industry for almost 20 years, through Islamic Finance windows within Citibank. Additional information may be found at www.citiislamic.com. Citigroup (NYSE:C), the pre-eminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith Barney, Banamex and Travelers. Additional information may be found at: www.citigroup.com For more information, please contact: Stephen Worsley/Rami Halawani TEAM/Young & Rubicam Tel: (+9714) 3344404 Fax: (+9714) 3344410 Arup Mukhopadhyay Citibank, Dubai, UAE Tel: (+9714) 5095442 Fax: (+9714) 3556727 |