There’s plenty to dislike and distrust about the World Bank.
One of them is the fact that the World Bank has fully embraced the financial side of the barbaric doctrine known as Shariah. Keep in mind as you ponder this that the U.S. is a major source of funds for the World Bank.
The International Finance Corp (IFC), the World Bank’s lender to the private sector, has started work on a return to the market for Islamic bonds, or sukuk, with plans to issue sharia-compliant debt after summer in the Gulf region.
Last year an IFC official said a deal was in the early stages of discussion, which would be the third time the World Bank’s development division issues sukuk.
“We are hoping for an issuance soon after the summer. This is very much work in progress and as you can imagine much depends on underlying assets and market conditions,” said Alexandra Klopfer, a spokeswoman for the IFC in Washington.
In December, the International Finance Facility for Immunisation Co (IFFIm), for which the World Bank acts as treasury manager, issued a $500 million debut sukuk.