Jeddah multilateral lender well placed to capitalize on shariah boom, says Moody’s

Shariah-compliant multilateral development banks (MDBs), such as Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), are set to benefit from rising demand for highly rated sukuk from Islamic banks, said Moody’s Investors Service.

A shortage of high quality, liquid, shariah-compliant assets has been a limiting factor for Islamic lenders and creates “a large pool of latent demand” for sukuk from the likes of ICD, which are some of the highest-rated Islamic institutions, the ratings agency said in a report.

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