IslamicFinance.de

Investment Corporation of Dubai (ICD) has launched the syndication of its new $2 billion conventional and Islamic financing facilities. The purpose of the facilities is to refinance the $2 billion five year tranche of the original $6 billion three and five year facilities signed on August 21, 2008. The new facilities will have a tenor of five years. The $4 billion tranche which was due in August 2011 was repaid in full. ICD will be hosting a bank meeting in Dubai during the week commencing March 24, 2013.

The Investment Corporation of Dubai (ICD) is in talks with banks to launch its first Islamic bond, in order to diversify its funding sources. The deal will reportedly be completed this year. A source at ICD said the fund had no plans for a sukuk, but is turning to the Islamic bond market because of potential legislation capping lending by local banks to government related entities. Separately, ICD is also talking to bankers over a US$2bn loan due to mature in August, with refinancing the likely option.