Nasdaq Dubai welcomes $500 million sukuk listing

Nasdaq Dubai has welcomed the listing of $500 million Trust Certificates (sukuk) issued by ICDPS Sukuk Limited, guaranteed by The Islamic Corporation for the Development of the Private Sector (ICD), a multilateral financial institution and member of the Islamic Development Bank (IsDB) Group.

Rated A2 (Stable) by Moody’s, A (Stable) by S&P, and A+ (Stable) by Fitch, ICD priced the benchmark five-year Reg S senior unsecured Sukuk at 65 basis points over US Treasuries, with a profit rate of 4.391%, paid semi-annually. The transaction attracted strong investor demand, with order books exceeding $2 billion (excluding joint lead manager interest), underscoring the market’s deep confidence in ICD’s financial strength and development mandate.

The Sukuk, maturing in 2030, was issued under the ICDPS Sukuk Limited Trust Certificate Issuance Programme. 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 were Joint Lead Managers and Bookrunners.

Dr Khalid Khalafalla, Acting CEO of ICD, stated, “We are pleased to return to Nasdaq Dubai for our fourth Sukuk listing. This successful $500 million sukuk issuance, which was significantly oversubscribed, is a powerful testament to the market’s strong confidence in ICD’s creditworthiness and development mission. The proceeds will be instrumental in accelerating private sector growth across our member countries.”

WAM