JEDDAH — The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB) secured a 13-month $300 million Islamic Murabaha financing facility from Dubai Islamic Bank PJSC, First Gulf Bank PJSC, Mizuho Bank (Malaysia) Berhad and Mizuho Bank Nederland N.V. early this month. Dubai Islamic Bank acted as the sole Coordinator of the Facility, in addition to being the Mandated Lead Arranger along with First Gulf Bank, Mizuho Bank Malaysia and Mizuho Bank Nederland.
The ICD, based in Jeddah, is a member of the Islamic Development Bank Group which has a rating of AAA/Aaa/AAA from Standard & Poors, Moody's and Fitch Ratings respectively. ICD itself is rated AA/F1+ by Fitch Ratings and Aa3/P-1 by Moody's.
The facility, the largest to-date for ICD, is part of ICD's $1.2 billion global resource mobilization program for 1436H (2015). The proceeds of the facility was deployed for use of ICD's ordinary operations. — SG
