Saudi-based Islamic Development Bank (IDB) has said it aims to issue its first short-term sukuk this year, and is studying how it might start to guarantee Islamic bond issuance by member countries, Reuters has reported. The short-term instruments could come in the form of 30-, 90-, 180- or 360-day Shari’ah-compliant securities, said IDB vice-president, Abdul Aziz Al Hinai. “We don’t have a timeframe but we’re trying to do something in 2014,” Hinai told reporters at an event in Dubai. “There is high demand as we look at the market. So those who are providing this to the market will do a good service.”
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