ICDPS Sukuk Limited (Trust Issuance Prog): 23 November 2017
Under this trust certificate issuance programme, ICDPS Sukuk Limited (formerly known as Hilal Services Ltd), subject to compliance with all relevant laws, regulations and directives, may from time to time issue trust certificates in series in any currency as agreed between the Trustee and the relevant Dealers.
Each Series of Trust Certificates will be constituted by (i) an amended and restated Master Trust Deed dated 20 November 2017 (the Programme Date) entered into between the Trustee, the Islamic Corporation for the Development of the Private Sector and The Law Debenture Trust Corporation p.l.c. acting as delegate of and attorney for the Trustee and (ii) a corresponding Supplemental Trust Deed and, together with the Master Trust Deed, the Trust Deed, in relation to each Series of Trust Certificates issued.
The portfolio of assets created by the ICD shall be separate and independent from all other assets of the ICD and shall comprise: (a) at least 33% tangible assets comprising: (1) Leased Assets; (2) Disbursing Istisna'a Assets in respect of which the ICD has title to the corresponding asset and is the seller of the completed or manufactured asset before such asset has been delivered to the ICD by its manufacturer; (3) Shariah compliant equity instruments (and the assets underlying those equity instruments) (Shares) and/or sukuk certificates (and the assets underlying those sukuk certificates) (Sukuk) and/or any Wakala Assets (in respect of which, the ICD acts as principal or muwakkil); and (4) Restricted Fund Units; PROVIDED ALWAYS THAT at least 33% of the underlying assets of all Shares, Sukuk, Wakala Assets and/or Restricted Fund Units, as applicable, are tangible; AND PROVIDED FURTHER THAT such Shares, Sukuk, Wakala Assets and/or Restricted Fund Units, as applicable, are considered (by the Shariah Committee of the ICD) to be Shariah compliant (and consequently any borrowing and lending by or on behalf of such assets conducted in a manner that is considered (by the Shariah Committee of the ICD) to be contrary to the principles of Shariah shall not exceed 33% of the corresponding asset value, and that any income from these assets considered (by the Shariah Committee of the ICD) to be contrary to the principles of Shariah shall not exceed 5% of the corresponding aggregate revenues); and (b) no more than 67% intangible assets comprising Istisna'a Receivables, and/or Murabaha Receivables, including, without limitation, the right to receive payment of any amounts due in connection with such assets, the right to demand, sue for, recover, receive and give receipts for all amounts payable, or to become payable, under the assets and/or agreements relating to the assets and the benefit of, and the right to sue on, all covenants in favour of the ICD and the right to exercise all powers of the ICD thereunder, the constituent elements of which may be supplemented from time to time with Additional Portfolio Assets which, together with any other assets in the Trust, constitute the Trust Assets.