Page 106 - ICD AR21 EN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
(CONTINUED)
14 SUKUK ISSUED
Issue date
Maturity date
Issue currency
Issued amount USD
Rate
31 December 2021 USD
31 December 2020 USD
Listed (note a)
15-10-2020 13-04-2017
Not listed
05-03-2020
15-10-2025 USD 13-04-2021 USD
05-03-2025 SAR
600,000,000 300,000,000
100,000,000
1.81% Fixed 2.468% Fixed
SIBOR+0.60%
600,000,000 -
100,000,000
600,000,000 300,000,000
100,000,000
1,000,000,000
7,000,000,000
1,000,000,000
The Sukuk (trust certificates) Issued confer on Certificate Holders the right to receive payments (Periodic Distributions) on specified dates (Periodic Distribution Dates) out of the profit elements of Ijarah assets, Equity Investments, Sukuk Investments and receivables in respect of Murabaha contracts, Shari'ah compliant authorised investments and any replaced assets (collectively the “Portfolio”) sold at each Series (issuance) by the Corporation to ICDPS Sukuk Limited (the Trustee).
After the sale of the Portfolio, the Corporation as a third party, guarantees the performance of the Portfolio to the Trustee, to the effect that if any obligor of an asset under the Portfolio is unable to pay any amount owed, the Corporation will make the payment. Also, the Corporation undertakes to purchase the Portfolio on the Maturity Date or Early Dissolution Date for an amount equivalent to the Aggregate Nominal Amount (i.e., price of the original sale of the Portfolio to ICDPS Sukuk Limited).
15 COMMODITY MURABAHA FINANCING LIABILITIES
Commodity Murabaha financing is received from financial institutions under commodity murabaha agreements.
The financings have original maturities ranging from 3 to 7 years (31 December 2020: 3 to 4 years).
104 ICD ANNUAL REPORT 2021