KIB nabs ‘IFN Social Impact Deal Of the Year 2020’

KIB nabs ‘IFN Social Impact Deal Of the Year 2020’

KUWAIT: As part of the annual Islamic Finance News (IFN) best financial deals awards, Kuwait International Bank (KIB) won the 'IFN Social Impact Deal Of the Year 2020' award for its participation as Co-Manager for the successful issuance of 'Sustainability Sukuk' by the Islamic Development Bank (IsDB). Valued at $1.5 billion for a period of five years, the Sukuk aimed at mitigating COVID-19 repercussions for IsDB member states.

KIB was selected as an award recipient by the IFN judging panel, which comprises a group of experts from non-competing organizations based on several key criteria, including deal impact, significance and complexity as well as time to market, challenges overcome, deal uniqueness and issuer profile among others. Upon which, the panel unanimously agreed that 2020 was the year of significant steps in the social impact arena, including the issuance of 'Sustainability Sukuk' by IsDB to sustain the financial system across its 57-member states, in which KIB participated as a Co-Manager.

KIB's participation in this issuance helped enhance its investment capabilities and strengthened its position in regional debt capital markets, in addition to shaping the future of Islamic capital markets in Kuwait. The 'Sustainability Sukuk' was successfully issued under the umbrella of IsDB's Trust Certificate