Global law firm Norton Rose Fulbright has acted as the international counsel to the Islamic Corporation for the Development of the Private Sector (ICD) on the update of its trust certificate issuance programme and the issuance of US$500 million senior unsecured trust certificates due in 2030 under the programme.

The Sukuk are listed on Euronext Dublin and Nasdaq Dubai, and the update to the programme introduced a number of new features reflecting the most recent Shariah standards for Sukuk.

The Joint Lead Managers for the issuance comprised Al Rayan Investment L.L.C., Arab Banking Corporation (B.S.C.), Dubai Islamic Bank PJSC, GIB Capital, HSBC Bank plc, KFH Capital Investment Company K.S.C.C., J.P. Morgan Securities plc, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank. K.S.C.P.

The Norton Rose Fulbright team advising on the deal was led by Dubai-based partner Hamed Afzal, who was supported by senior associate Ganna Vlasenko, associate Hania Meshref and trainee solicitor Mia Blundell.

Hamed said:

"We are pleased to have supported ICD, mandated to develop the private sector in its member countries, on this significant programme update and issuance, which required a number of novel features to be reflected into the programme off the back of recent changes to Shariah standards for Sukuk issuance. The transaction underscores the continued investor confidence in the ICD, and highlights our team's commitment to delivering innovative solutions in line with evolving legal, regulatory and Shariah standards across jurisdictions."

Norton Rose Fulbright's capital markets team in the Middle East covers the full range of debt and equity capital markets matters. This transaction follows the team being named Capital Markets Team of the Year by Islamic Finance News last year, winning Restructuring Deal of the Year at the Global Banking & Markets Saudi Arabia Awards 2025 for its role on Arkad Engineering & Construction Company's SAR 2.86 billion perpetual Sukuk, advising on the first ever Additional Tier 1 Sukuk issued by a non-bank financial institution in the Kingdom of Saudi Arabia, and recently advising on groundbreaking public offer Sukuk programmes in the Kingdom of Saudi Arabia.