Jor­dan Awards ICD Sukuk Man­date

Middle East Business (English) - - FRONT PAGE - About the Is­lamic Cor­po­ra­tion for the Devel­op­ment of the Pri­vate Sec­tor (ICD) (http://www.icd-idb.com), The Is­lamic Cor­po­ra­tion for the Devel­op­ment of the Pri­vate Sec­tor (ICD) is a mul­ti­lat­eral or­gan­i­sa­tion, part of the Is­lamic Devel­op­ment Bank (IDB) Grou

The di­nar- de­nom­i­nated Sukuk would be used as an in­stru­ment to ab­sorb ex­cess liq­uid­ity held by the King­dom for Is­lamic banks The Min­istry of Fi­nance of the Hashemite King­dom of Jor­dan signed an ad­vi­sory agree­ment with the Is­lamic Cor­po­ra­tion for the Devel­op­ment of the Pri­vate Sec­tor ( ICD) the pri­vate sec­tor arm of IDB Group. The Min­istry has man­dated ICD as Trans­ac­tion Tech­ni­cal Sup­port in the pro­posed first do­mes­tic Sukuk of­fer­ing. The man­date let­ter was signed be­tween H.E. Dr. Umayya Toukan, Min­is­ter of Fi­nance and ICD's Chief Ex­ec­u­tive Of­fi­cer, Mr. Khaled Al Aboodi. “The di­nar- de­nom­i­nated Sukuk, ex­pected to be is­sued this year, would be used as an in­stru­ment to ab­sorb ex­cess liq­uid­ity (es­ti­mated to be 1.4 bil­lion di­nars) held by the King­dom for Is­lamic banks”, said Dr. Toukan. “I would like to thank the Is­lamic Devel­op­ment Bank Group (IDBG) for their long-stand­ing sup­port and valu­able con­tri­bu­tion to en­hance the devel­op­ment process in the King­dom. We would like to express our ap­pre­ci­a­tion to the Is­lamic Re­search and Train­ing In­sti­tute (IRTI), a mem­ber of IDBG, for re­view­ing the King­dom’s Sukuk ca­pac­ity needs and hold­ing in last Jan­uary's Sukuk train­ing for gov­ern­ment staff in Am­man”, he added. ICD aims to de­velop mem­ber coun­tries' cap­i­tal mar­kets, specif­i­cally Is­lamic debt cap­i­tal mar­kets through Sukuk. Last year, ICD acted as Joint Lead Man­ager for de­but re­gional cur­rency Sukuk in the Re­pub­lic of Sene­gal, which was closed with over­sub­scrip­tion. The deal was Africa’s first and largest sov­er­eign Sukuk to the in­ter­na­tional cap­i­tal mar­ket. “We are very proud and hon­ored to be man­dated by the Hashemite King­dom” Mr. Al Aboodi said. “By cre­at­ing a do­mes­tic Is­lamic cap­i­tal mar­ket, the mem­ber coun­try would be able to pro­vide an al­ter­na­tive to its trea­sury bills for Is­lamic Fi­nan­cial In­sti­tu­tions to in­vest in. Al­though it is not prac­ti­cally com­mon for global Sukuk ar­rangers, we took re­spon­si­bil­ity to fill this gap in the mar­ket which nat­u­rally falls within the de­vel­op­men­tal prin­ci­pals of ICD", he added. SOURCE Is­lamic Cor­po­ra­tion for the Devel­op­ment of the Pri­vate Sec­tor (ICD)

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