Strong investor interest for ICD’s new $600m sukuk on Nasdaq Dubai

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Dubai

The latest listing of a multi-million-dollar sukuk on Nasdaq Dubai by the private sector arm of the Islamic Development Bank (IsDB) has received strong investor interest, an official said. The Islamic Corporation for the Development of the Private Sector (ICD) has recently issued a five-year $600 million sukuk, bringing the total value of sukuk listed in Dubai to 74.05 billion dollars. In a statement, the organisation said the new issuance has been approximately three times oversubscribed, with the order book seeing investors from Europe, Asia and the Middle East. “We received strong investor interest in our new sukuk issuance from a wide range of constituencies including fund managers, commercial and private banks and central banks – demonstrating their confidence and support for ICD’s strategy and initiatives in promoting private sector activity,” said Ayman Sejiny, chief executive officer of ICD. The latest sukuk is ICD’s second issuance, following a $300 million listing in 2016, also on Nasdaq Dubai. —Zawya

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