ICD is proud to have acted as a Joint Lead Manager for State of Qatar’s USD 3.0 billion 10-year Sukuk issuance

Key Highlights:

✅ Sukuk Size: USD 3.0 billion
✅ Demand: Final Order Book of > USD 8.75 Billion (>2.9x oversubscription)

✅ Maturity: November 2035
✅ Spread: 20 bps over Treasuries

This Sukuk represents a highly significant milestone for the State of Qatar, marking its first Sukuk issuance in over a decade. The timing resonated strongly with market participants, who have consistently emphasized Qatar’s solid macroeconomic fundamentals, prudent fiscal management, and strong external buffers. Investor feedback throughout the engagement process highlighted Qatar’s position as one of the region’s most reliable sovereign credits, with a clear policy framework and strong visibility over the medium term.

The combination of Qatar’s high-grade credit standing and the scarcity value of its sovereign Sukuk resulted in exceptional demand from more than 190+ global investors, including banks/private banks (53%), fund managers (31%), and insurers, sovereign wealth funds, pension funds and agencies (16%) and excellent geographical diversification - Middle East (38%), UK/ Europe (29%), US (21%) and Asia (12%). This exceptionally strong reception enabled Qatar to price at its tightest-ever spread over U.S. Treasuries for an international Sukuk, underscoring both the market’s confidence and the strategic significance of Qatar’s re-entry into the Islamic capital markets.

The ICD remains committed to its mandate of assisting member countries and institutions in the member countries to access to Islamic capital markets. As of 2025, total Sukuk issuance facilitated by the ICD as a JLM has reached USD 15.6 billion, highlighting its pivotal role in strengthening the financial ecosystems.