The multilateral agency contributed to both the ‘Africa Deal of the Year’ and ‘Cross-border Deal of the Year’
DUBAI, UAE, March 4, 2015/African Press Organization (APO)/ – The Islamic Corporation for the Development of the Private Sector (ICD) (http://www.icd-idb.com) is delighted to announce the achievement of two awards at the industry-leading Islamic Finance news Deal of the Year Awards for 2014. The multilateral agency contributed to both the ‘Africa Deal of the Year’ for its role in the CFA100 billion inaugural sovereign Sukuk from the Republic of Senegal in July; and ‘Cross-border Deal of the Year’ for its landmark US$100 million commodity Murabahah transaction with Bank of Tokyo-Mitsubishi UFJ in September.
The Senegal transaction, completed on the 18th July 2014 and led by Citi and the ICD as joint lead managers and brokers, represented the first sovereign Sukuk from the republic and was unique in its complex structure via the nation’s securitization regime, which is the only regulation allowing for SPV-issued notes. Despite the significant challenges including a lack of regulation, low awareness among investors and a low appetite for CFA-denominated paper, the transaction was highly successful and proved marketable among both regional and international investors: with strong oversubscription.
In September of 2014, the ICD signed its first ever cash-raising deal with a non-Islamic financial institution: a US$100 million commodity Murabahah with BTMU, Japan’s largest lender. With the proceeds of the deal to be deployed by ICD to finance its development projects in member countries, the transaction was a landmark cross-border deal marking its firm commitment to developing international relationship and encouraging participation in both member and non-member countries. The deal also marked the first financing from BTMU with a multilateral institution, and was groundbreaking across the markets of both institutions.
Taken together, the two awards demonstrate recognition of the valuable role played by ICD in the development of private sector participation in the Islamic capital markets. The dual awards ceremonies, to be held in March in both Dubai and KL, attract the cream of the Islamic finance elite and are generally recognized as one of the biggest events of the Islamic calendar.
Commenting on the achievement, Mr. Mr Khaled Al-Aboodi, CEO of the ICD, noted that: “The IFN Awards represent some of the highest honors the industry has to offer. As a repeated winner, the ICD is pleased and proud to maintain its pioneering status and high standards, and delighted that the industry continues to recognize our achievements in driving forward international, emerging market and cross-border capital market participation.”
REDmoney is a financial based media company with a specific focus on the global Islamic finance industry. With three pillars across Events, Publishing and Training, the firm publishes the flagship Islamic Finance news – a weekly online capital markets journal and the biggest news provider in the Islamic finance industry. Selected by an expert and independent advisory board, the IFN Awards represent the elite of the Islamic finance industry. Now in their 8th year, they recognize the leading deals of the previous 12 months across the Islamic capital markets in terms of size, innovation and industry encouragement.
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) (http://www.icd-idb.com) is a multilateral organization, part of the Islamic Development Bank (IDB) Group. ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Sharia through private sector development. ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects. Projects are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution to exports. ICD also provides advice to governments and private sector groups on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhance the role of market economy. ICD operations complement the activities of the IDB.
Islamic Corporation for the Development of the Private Sector (ICD)