ICD establishes dual London and Nasdaq Dubai listed Regulation S compliant Sukuk

The Islamic Corporation for the Development of the Private Sector (“ICD”) has established a dual London and Nasdaq Dubai listed Regulation S compliant Sukuk Issuance Programme (the “Programme”). Norton Rose Fulbright is acting as advisor to the ICD.

Following Example of Islamic Development Bank

The Programme, while backed by the credit of ICD as obligor, was established with Hilal Services Ltd, a Cayman Islands incorporated SPV, as the issuer. The first public issuance under the Programme will represent ICD’s first public fund raising in the debt capital markets and will follow the example of its parent The Islamic Development Bank which has a US$10 billion Sukuk Issuance Programme.

The arranger was HSBC and the dealers under the Programme are CIMB Bank, Dubai Islamic Bank, First Gulf Bank, HSBC, NCB Capital, Maybank Investment Bank, Société Générale, National Bank of Abu Dhabi and Standard Chartered Bank.