King & Spalding has advised the Saudi Arabia-headquartered Islamic Development Bank (IDB) on the expansion of its sukuk programme from $10 billion to $25 billion – the largest of its kind to date.

The programme is listed on Nasdaq Dubai, Bursa Malaysia and the London Stock Exchange, and is expected to support IDB’s plan to publicly issue one sukuk every year with a minimum size of $1 billion while keeping up with increasing requests for private placements from investors.

Partner Rizwan H. Kanji headed the King & Spalding team. Dealers on the transaction included CIMB, HSBC, National Bank of Abu Dhabi, Natixis and Standard Chartered Bank, which was also the lead manager on the transaction.

The IDB promotes economic development as well as provides funding and technical assistance to Muslim communities. Founded in 1973, it has 56 member- countries and counts Iran, Libya and Saudi Arabia as its biggest shareholders.

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