Law Debenture appointed as delegate for new sukuk
15 January 2016
Hilal Services Limited
Trust Certificate Issuance Programme (Regulation S Sukuk Programme)
We have been appointed as Delegate for this new Trust Certificate Issuance programme. The issuer, Hilal Services Limited, is a special purpose vehicle established in the Cayman Islands by the Islamic Corporation for the Development of the Private Sector (“ICD”), a subsidiary of the Islamic Development Bank.
The trust certificates have been rated Aa3 by Moody’s Investors Service, and AA by Fitch Ratings, which in each case is at the same level as the long term issuer ratings of the ICD.
The Programme follows the example of the parent company Islamic Development Bank’s US$ 10 billion Sukuk Issuance Programme, on which we are appointed Delegate.