Nasdaq Dubai has announced the successful 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). The ICD, a prominent multilateral financial institution and member of the Islamic Development Bank (IsDB) Group, priced the five-year Reg S senior unsecured Sukuk at 65 basis points over US Treasuries, offering a profit rate of 4.391% paid semi-annually. The issuance witnessed overwhelming investor demand, with order books surpassing $2 billion, reflecting robust market confidence in ICD’s financial stability and developmental objectives. The Sukuk, set to mature in 2030, was issued under the ICDPS Sukuk Limited Trust Certificate Issuance Programme. Leading financial institutions, including Al Rayan Investment, Bank ABC, Dubai Islamic Bank, and HSBC Bank plc, served as Joint Lead Managers and Bookrunners. This marks ICD’s fourth Sukuk listing on Nasdaq Dubai, following previous issuances in 2016, 2020, and 2024. Dr. Khalid Khalafalla, Acting CEO of ICD, emphasized the significance of the oversubscribed issuance, stating that the proceeds will drive private sector growth in member countries while expanding Shariah-compliant financial solutions. Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), highlighted the transaction as a testament to Dubai’s leadership in Islamic capital markets and its ability to attract diverse investors. With this listing, the total value of Sukuk on Nasdaq Dubai has reached $102 billion, reinforcing its status as a global hub for Islamic finance.
Nasdaq Dubai welcomes $500m sukuk listing by Islamic Corporation for Development of private sector
