Nasdaq Dubai has listed a new US$500 million Sukuk issued by ICDPS Sukuk Limited and guaranteed by the Islamic Corporation for the Development of the Private Sector (ICD), the private-sector arm of the Islamic Development Bank Group.
Investor rush: ICD Sukuk oversubscribed fourfold on Nasdaq Dubai © WAM
Nasdaq Dubai has listed a new US$500 million Sukuk issued by ICDPS Sukuk Limited and guaranteed by the Islamic Corporation for the Development of the Private Sector (ICD), the private-sector arm of the Islamic Development Bank Group.
Rated A2 (Moody’s), A (S&P) and A+ (Fitch), the five-year senior unsecured Sukuk was priced at 65 basis points over U.S. Treasuries with a 4.391% profit rate, payable semi-annually. Investor appetite was strong, with orders surpassing US$2 billion, signaling firm confidence in ICD’s credit profile and development mission.
The Sukuk, maturing in 2030, was issued under ICD’s Trust Certificate Issuance Programme. A consortium of leading regional and international banks acted as Joint Lead Managers and Bookrunners.
With this listing, ICD now has US$1 billion in outstanding Sukuk on Nasdaq Dubai—its fourth listing on the exchange following issuances in 2016, 2020 and 2024.
Dr. Khalid Khalafalla, Acting CEO of ICD, said the oversubscribed issuance reflects robust investor trust and will help advance private-sector development across member states.
Hamed Ali, CEO of Nasdaq Dubai and DFM, welcomed the listing, noting that it strengthens Dubai’s role as a global hub for Islamic capital markets. Nasdaq Dubai now hosts US$102 billion in listed Sukuk, reinforcing its position as one of the world’s leading Sukuk venues.
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