Clifford Chance Advises ICD on $600M Sukuk Issues 

Global law firm Clifford Chance has provided counsel to the joint lead managers on two sukuk issuances by the Islamic Corporation for the Development of the Private Sector (ICD) as part of its Trust Certificate Issuance Programme. 

The first issuance, valued at US$100 million and maturing in 2028, was completed on December 21, 2023, and is traded on the regulated market of Euronext Dublin. The second issuance, totalling US$500 million and maturing in 2029, was finalised on February 14, 2024, and is listed on the regulated markets of Euronext Dublin and Nasdaq Dubai. Both sets of trust certificates were issued under Regulation S of the U.S. Securities Act of 1933, as amended. 

These sukuk issuances represent ICD’s reentry into the capital markets since their last issuance in October 2020. ICD, a multilateral organisation and member of the Islamic Development Bank (IsDB) Group, aims to promote economic development and support the private sector in its member countries by providing Shariah-compliant financing facilities and investments. Additionally, ICD offers guidance to governments and private entities to foster the establishment, expansion, and modernisation of private enterprises. 

Clifford Chance’s team comprised partner and Head of Middle East Capital Markets, Stuart Ure (Dubai), Alekhya Prakash (Counsel, Dubai, pictured) and Nabeela Afifi (Trainee Solicitor, Dubai).