Clifford Chance Advises ICD on US$600M Sukuk Issuance

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

The first issuance, totaling US$100 million trust certificates due in 2028, was completed on December 21, 2023, and is listed on the regulated market of Euronext Dublin. The second issuance, totaling US$500 million trust certificates due in 2029, was completed on February 14, 2024, and is listed on the regulated market of Euronext Dublin and Nasdaq Dubai. Both series of trust certificates were issued in compliance with Regulation S of the U.S. Securities Act of 1933. 

These issuances mark ICD’s return to the capital markets since its last issuance in October 2020. ICD, a multilateral organization and member of the Islamic Development Bank (IsDB) Group, aims to support economic development and foster the private sector in its member countries by providing Shariah-compliant financing facilities and investments. Additionally, ICD offers advisory services to governments and private entities to facilitate the establishment, expansion, and modernization 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).