Dubai: Nasdaq Dubai has announced the listing of US$500 million Trust Certificates (Sukuk) issued by ICDPS Sukuk Limited, which is guaranteed by The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) Group.
According to Emirates News Agency, the Sukuk is rated A2 (Stable) by Moody's, A (Stable) by S and P, and A+ (Stable) by Fitch. ICD priced the five-year Reg S senior unsecured Sukuk at 65 basis points over U.S. Treasuries, offering a profit rate of 4.391% paid semi-annually. The issuance attracted substantial investor interest, with order books surpassing USD 2 billion, excluding joint lead manager interest, indicating strong market confidence in ICD's financial stability and mission.
The Sukuk, which will mature in 2030, was issued under the ICDPS Sukuk Limited Trust Certificate Issuance Programme. The issuance involved Al Rayan Investment, Bank ABC, Dubai Islamic Bank, GIB Capital, HSBC Bank plc, KFH Capital, JP Morgan, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank as Joint Lead Managers and Bookrunners.
This listing increases the total value of ICD's Sukuk listings on Nasdaq Dubai to US$1 billion. It is the fourth Sukuk issuance by ICD on Nasdaq Dubai, following previous issuances in 2016, 2020, and 2024.
Dr. Khalid Khalafalla, Acting CEO of ICD, expressed satisfaction with the Sukuk's success, stating that the oversubscription reflects market confidence in ICD's creditworthiness and mission. The funds raised will aid in promoting private sector growth in member countries, aligning with their goal of expanding Shariah-compliant financial solutions.
Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, welcomed ICD's latest Sukuk listing, emphasizing the continued collaboration with ICD and Dubai's commitment to enhancing its Islamic capital markets. The strong investor demand underscores Dubai's appeal as a hub for high-quality Sukuk offerings.
Nasdaq Dubai continues to solidify its status as a leading venue for Sukuk listings globally, with a total listed value of US$102 billion. The exchange supports regional and international issuers in raising capital through Shariah-compliant financing instruments, contributing to economic growth.