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Islamic Development Bank
issued the first hybrid Sukuk of assets comprising 65.8% Sukuk al-Ijara,
30.73% of Murabaha receivables and 3.4% Sukuk al-Istisna. This issuance
required the IDB?s guarantee in order to secure a rating and international
marketability.
The $400 million Islamic
Sukuk was issued by Solidarity Trust Services Limited (STSL), a special
purpose company incorporated in Jersey Channel Islands. The Islamic
Corporation for the Development of Private Sector (ICD) played an
intermediary role by purchasing the asset from IDB and selling it to The
Solidarity Trust Services Limited (STSL) at the consolidated net asset
value.
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