Sukuk & Capital Market

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Looking ahead, we plan to increasingly focus on those corporates
that have demonstrated significant growth potential in the near term,
advising them on how to expand their business through sukuk issuance

The Sukuk & Capital Markets Program (SCM)

At the Islamic Corporation for the Development of the Private Sector (ICD), we have a dedicated team focused on advising Governments and Corporations in our member countries on Sukuk issuances. Our team is driven by the conviction that Sukuk are appealing to member countries because it offers alternative source of capital and diversifies the country investor base. Building up on the Group’s accumulated experience in Islamic debt issuance, ICD Sukuk & Capital Market Program is facilitator to develop Islamic capital market by:

  1. Assisting Member Countries to tap the international Islamic Capital Market
  2. Helping Member Countries to complement T-bills with short-term Sukuk;
  3. Advising on Corporate Sukuk Issuances

The Sukuk & Capital Market Program successfully advised the Republic of Senegal on its debut Islamic bond, which was a landmark transaction, being the first African Sovereign Sukuk. This was followed by the Ivory Coast Sovereign Sukuk debut in 2015. Subsequently, ICD successfully advised the Republic of Togo on its debut Sukuk in 2016, and both Senegal and Ivory Coast for their second Islamic Bond issuances in that year.  ICD also advised the government of Mali on its debut Sukuk in 2017. Overall, ICD played a significant role in assisting the development of the legal framework in the West African Economic and Monetary Union (WAEMU), which made these transactions possible. Furthermore, in 2016, ICD advised the Hashemite Kingdom of Jordan for issuing a successful debut domestic medium-term Sukuk for liquidity management of the local Islamic banks, which was the first of its kind in the Kingdom.

The Sukuk & Capital Markets Program is looking to further diversify its product offering going forward to have a greater impact on the Islamic Capital Markets by considering:

  1. ICD issuing local currency sukuk to support its ongoing activities in the member countries
  2. Facilitating blue chip companies in our member countries accesses local and international capital markets by acting as an anchor investor
  3. Project finance sukuk