ICD Raises KZT 2 billion in Kazakh Tenge Sukuk Debut

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, made its first foray into the Kazakhstani Tenge market, tapping a growing appetite for Emerging Market currency- linked Islamic bond (Sukuk). The ICD printed its first Sukuk denominated in Tenge, raising KZT 2 billion with an auction of a five-year amortized Sukuk. The sukuk is rated ‘A+’ by Fitch Ratings. The Tenge-denominated Sukuk ticks off a list of firsts. It is the first-ever KZT Sukuk in the World, the first Sukuk in the national currency of one of the Commonwealth of Independent States (CIS) and the first KZT Sukuk from an international development institution.