Page 108 - ICD-AR22-English

Notes to the Separate Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022
In addition to above, the Corporation entered into Islamic cross currency swaps and Islamic forward contracts on behalf of Arab Bank for Economic Development for Africa (BADEA) through a master agreement dated
13 June 2016. The notional value of such swaps is USD 27.8 million (31 December 2020: USD 37.89 million).
15 SUKUK ISSUED
Listed
15-10-2020 15-10-2025 USD 600,000,000 1.81% Fixed 600,936,099 600,549,960
Not listed
05-03-2020 05-03-2025 SAR 100,000,000 SIBOR+0.60% 100,229,343 100,145,444
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).
16 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 2021: 3 to 7 years).
Issue date
Maturity date
Issue currency
Amount USD
Rate
31 December 2022 USD
31 December 2021 USD
700,000,000
701,165,442
700,695,404
106 ICD ANNUAL REPORT 2022