Norton Rose Fulbright advises Impact46 on debut Sukuk issuance by iOud

Global law firm Norton Rose Fulbright has advised Impact46, in its capacity as sole financial advisor and arranger, on the establishment of a senior unsecured Sukuk issuance programme by Intelligent Oud Company for Trading (iOud) and on the first issuance of Sukuk under the programme on a "public offer" basis to investors in the Kingdom of Saudi Arabia (the KSA). The Sukuk represents further evolution of the KSA's local debt capital market, as the first publicly offered Sukuk approved by the Capital Market Authority which has the benefit of credit enhancement, in the form of a Sukuk service reserve account.

iOud is a leading Saudi Exchange listed developer, manufacturer and distributor of scented agarwood products, including oud, incense and fresheners.

The Norton Rose Fulbright team advising on the transaction was led by partner Hamed Afzal, supported by senior associates Ganna Vlasenko and Yousef Al Amly, and trainee solicitor Mia Blundell.

Hamed Afzal said:

"We are delighted to have supported the sole financial advisor and arranger on this debut public Sukuk to be offered by iOud. The transaction highlights the growing popularity and utility of the local capital markets in Saudi Arabia to assist the full gambit of corporates across sectors to access diversified funding sources, and this is further supported by the debt instruments being offered on a public basis to retail investors."

Norton Rose Fulbright's capital markets lawyers cover the full range of equity and debt capital markets matters, from domestic and international equity offerings and multiple listings for large multinationals, to investment grade and high-yield debt transactions for sovereigns, banks, export credit agencies, multilaterals, institutional investors and international companies.

This transaction comes off the back of the team being named Capital Markets Team of the Year by Islamic Finance News last year and 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, as well as recently advising Bidaya Finance and Raya Financing Company on their approvals from the CMA to establish debut Sukuk issuance programmes.