Nasdaq Dubai has added a new US$500 million Sukuk issued by ICDPS Sukuk Limited and guaranteed by the Islamic Corporation for the Development of the Private Sector, further reinforcing Dubai’s position as a global centre for Islamic finance.
The five-year senior unsecured Sukuk was priced at 65 basis points over US Treasuries with a profit rate of 4.391 percent paid semi-annually. Investor appetite was strong, with orders surpassing US$2 billion, reflecting confidence in ICD’s credit profile and development-focused mandate. The Sukuk carries stable investment-grade ratings from Moody’s, S&P, and Fitch.
The certificates were issued under the ICDPS Sukuk Limited Trust Certificate Issuance Programme and will mature in 2030. A consortium of regional and international banks, including Dubai Islamic Bank, HSBC, JP Morgan, and Standard Chartered, served as Joint Lead Managers and Bookrunners.
With this issuance, ICD’s total Sukuk listings on Nasdaq Dubai rise to US$1 billion, marking its fourth listing on the exchange following previous issuances in 2016, 2020, and 2024. The organisation said the proceeds will support private sector development across its member countries and advance Shariah-compliant financing initiatives.
ICD Acting CEO Dr. Khalid Khalafalla said the oversubscription underscores the market’s strong trust in ICD’s mission and financial strength.
Hamed Ali, CEO of Nasdaq Dubai and DFM, welcomed the listing and noted that the demand highlights Dubai’s role as a preferred hub for high-quality Sukuk offerings.
Nasdaq Dubai now hosts US$102 billion in listed Sukuk, maintaining its standing as one of the world’s leading venues for Islamic capital market activity.
News Source: Emirates News Agency
