Ogier has advised the Islamic Development Bank in its recently completed update to a $1.5 billion sukuk trust certificate programme. The programme was established in 2005 and has been updated to reflect market and Shariah developments.

The update also includes providing for trust certificates to be admitted to listing on the official list of the UK Financial Services Authority (FSA) and to trading on the London Stock Exchange.

The issuance proceeds will be used to purchase a portfolio of sukuk assets such as Ijara (leasing) assets, Murabaha receivables, Ishsna receivables and sukuk investments.

The issuing vehicle, IDB Trust Services, is a Jersey company.

The Ogier team, including Matthew Swan, Bruce MacNeil and Lucy Rogers, advised IDB with Clifford Chance advising on Jersey legal issues. The Ogier Fiduciary Services (Jersey) team including Peter Gatehouse, Anne-Marie Burns and Alex Baker provided corporate and trust administration services for the structure.

Ogier provides advice on all aspects of BVI, Cayman, Guernsey and Jersey law and associated fiduciary services through a global network of offices that cover all time zones and key financial markets.