The International Finance Corporation is planning to list an Islamic bond on the Nasdaq Dubai and Bahrain stock exchanges, The Wall Street Journal reports. The World Bank’s private-sector financing arm will be the first non-Islamic financial institution to issue a sukuk for term funding in the Gulf Cooperation Council.

The $100 million, five-year bond complies with Islamic law, Shariah. It will be used to fund various Islamic finance projects in sectors such as health, education and infrastructure. Dubai Islamic Bank, HSBC Holdings, Kuwait Finance House Bahrain and Liquidity House have been hired to manage the sale, adds Bloomberg.

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