IDB Trust Services Limited (Islamic Development Bank) Sukuk USD 25,000,000,000 - Prospectus: Supplement 22 February 2016
IDB Trust Services Limited (Islamic Development Bank) Sukuk USD 25,000,000,000 - Prospectus: Supplement 22 February 2016
Provision
Provision
Organisation Tags (2)
IDB Trust Services Limited (Islamic Development Bank) USD1.5 Billion 1.775% 10-Mar-2021
IsDB - Islamic Development Bank
Transcription
- SUPPLEMENT DATED 22 FEBRUARY 2016 TO THE BASE PROSPECTUS DATED 7 OCTOBER 2015 IDB TRUST SERVICES LIMITED (incorporated as a limited par value company in Jersey with registered number 89541) U.S.$25,000,000,000 Trust Certificate Issuance Programme with, inter alia, the benefit of a Guarantee (in respect of the payment obligations arising under the Portfolio of the relevant Series of Trust Certificates) provided by THE ISLAMIC DEVELOPMENT BANK (an international organisation that derives its legal personality from public international law) This base prospectus supplement (the Base Prospectus Supplement) is supplemental to, forms part of, and must be read in conjunction with, the base prospectus dated 7 October 2015 (the Base Prospectus) prepared by IDB Trust Services Limited (in such capacity, the Issuer) and the Islamic Development Bank (IsDB) in connection with the Issuer's Trust Certificate Issuance Programme (the Programme) for the issuance of up to U.S.$25,000,000,000 in aggregate amount of trust certificates (the Trust Certificates) and the application made for Trust Certificates to be admitted to listing on the Official List of the United Kingdom Financial Conduct Authority (FCA) (in its capacity as competent authority for the purposes of Part VI of the Financial Services and Markets Act 2000 (the FSMA)) and to trading on the regulated market of the London Stock Exchange plc. This Base Prospectus Supplement constitutes a supplement for the purposes of Directive 2003/71/EC (as amended) and a supplementary prospectus for the purposes of section 87G of the FSMA. Terms defined in the Base Prospectus shall, unless the context otherwise requires, have the same meaning when used in this Base Prospectus Supplement. To the extent that there is any inconsistency between any statement in this Base Prospectus Supplement and any other statement in, or incorporated by reference in, the Base Prospectus, the statements in this Base Prospectus Supplement will prevail. The purpose of this Base Prospectus Supplement is to replace the section of the Base Prospectus entitled “ORDINARY CAPITAL RESOURCES – STATEMENT OF INCOME” on pages 109 and 110 of the Base Prospectus in its entirety with the Appendix hereto. Save as disclosed in this Base Prospectus Supplement, no significant new factor, material mistake or inaccuracy relating to information included in the Base Prospectus has arisen or been noted, as the case may be, since the publication of the Base Prospectus. Each of the Issuer and the IsDB accepts responsibility for the information contained in this Base Prospectus Supplement and declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Base Prospectus Supplement is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. 1
- The Dealers , the Agents and the Delegate have not independently verified the information contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by the Dealers, the Agents and the Delegate or any of them as to the accuracy or completeness of the information contained in this Base Prospectus Supplement or of any other information provided by the Issuer or the IsDB in connection with the Trust Certificates or their distribution. The Trust Certificates have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the Securities Act). Subject to certain exceptions, Trust Certificates may not be offered or sold within the United States or to or for the benefit or account of, U.S. persons (as defined in Regulation S under the Securities Act). For a more complete description of restrictions on offers and sales of the securities described in this Base Prospectus Supplement and the Base Prospectus, see pages 7 to 12 and "Subscription and Sale" in the Base Prospectus. This Base Prospectus Supplement may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority of the Kingdom of Saudi Arabia (the Capital Market Authority). The Capital Market Authority does not make any representations as to the accuracy or completeness of this Base Prospectus Supplement, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this Base Prospectus Supplement. Prospective purchasers of Trust Certificates issued under the Programme should conduct their own due diligence on the accuracy of the information relating to the Trust Certificates. If a prospective purchaser does not understand the contents of this Base Prospectus Supplement he or she should consult an authorised financial adviser. 22 February 2016 2
- Appendix ORDINARY CAPITAL RESOURCES - STATEMENT OF INCOME As at 30 Dhul Hijjah 1435H (24 October 2014) and 29 Dhul Hijjah 1434H (3 November 2013) (In thousands of Islamic Dinars and U.S. Dollars) The following table (with the exception of the U.S.$ columns) is extracted from the audited annual financial statements of the IsDB as at and for the year ended 30 Dhul Hijjah 1435H (24 October 2014), and shows the statement of income of the IsDB for the years ended 30 Dhul Hijjah 1435H (24 October 2014) and 29 Dhul Hijjah 1434H (3 November 2013) as restated. Income from: Commodity placements through banks ............................................ Investments in Sukuk ...................... Murabaha financing ....................... Istisna'a assets................................. Installment financing ...................... Loans service fees ........................... Ijarah Muntahia Bittamleek ............ Investments in equity capital........... Share of income in associates ......... Net gain on disposal and acquisition of associates .................. 30 Dhul Hijjah 29 Dhul Hijjah 1435H (24 October 2014) 1434H (3 November 2013), restated (U.S.$ thousands) (ID thousands) (ID thousands) (U.S.$ thousands) 26,517 38,978 7,319 130,400 51,461 14,004 203,109 36,293 17,716 39,380 57,886 10,869 193,656 76,424 20,797 301,635 53,898 26,310 19,725 517 9,384 122,813 44,657 10,843 201,714 33,234 26,134 30,214 792 14,374 188,119 68,403 16,609 308,975 50,906 40,031 (4,307) 5,982 (6,396) 8,884 1,612 12,435 2,469 19,047 527,472 783,343 483,068 739,939 (150,744) (223,868) (133,949) (205,176) 376,728 559,475 349,119 534,763 Foreign exchange gain, net ............. Gain/(loss) from Murabahabased profit rate and cross currency profit rate swaps ............... (14,444) (21,451) 6,780 10,385 (5,429) (8,063) 8,263 12,657 Financing costs ............................... (84,367) (125,293) (64,197) (98,334) Income from operations ............... 272,488 404,668 299,965 459,471 General and Administrative Expenses Staff costs ......................................... Depreciation on fixed assets ............. Business travel ................................. Consultancy fees .............................. Others ............................................. (80,187) (7,686) (5,220) (8,219) (16,520) (119,085) (11,414) (7,752) (12,206) (24,534) (81,327) (7,603) (5,875) (3,673) (10,346) (124,574) (11,646) (8,999) (5,626) (15,848) Other income .................................. Depreciation of assets under Ijarah Muntahia Bittamleek ............ 3
- Income before provision for impairment of financial assets ... 154,656 229,677 191,141 292,778 Provision for impairment of financial assets………………….… (12,946) (19,226) (20,728) (31,750) Net income for the year……….... 141,710 210,451 170,413 261,028 4
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