Loading the player...
African sovereign trio add to growing appeal for sukuk
Despite strong growth in the Middle East and Southeast Asia, Islamic finance has lagged in Africa although it could be an important growth driver for the industry as it is home to a quarter of the world's Muslims.
Senegal issued a debut sukuk in 2014 and returned to the market in July with a 10-year deal paying a 6 percent profit rate backed by assets from Dakar's international airport.
Investor demand prompted the issuer to seek regulatory approval to expand the size of the deal, according to the Saudi-based Islamic Corporation for the Development of the Private Sector (ICD) which helped arrange the sukuk.
Senegal's sukuk raised a total of 200 billion CFA francs ($341.5 million) from an initial plan for 150 billion CFA francs, the ICD said. It attracted total orders of 233 billion CFA francs.
More than half of the Senegal sukuk was sold to local investors, with a third taken up by investors from the Ivory Coast and Togo, which are next in line to tap the market.
The two governments aim to finalize their sukuk deals by early next month, which the ICD is also arranging.
Ivory Coast is completing a sale of 150 billion CFA franc worth of 7-year sukuk, the second phase of a 300 billion CFA franc sukuk programme set up last year.
Togo aims to raise 150 billion CFA francs from its debut sukuk, which has a 10-year maturity and 6.5 percent yield.
Niger has also signed up for a sukuk programme to raise 150 billion CFA francs in two phases, although a timing has yet to be determined.
The CFA franc is issued by the central bank of the 8-nation West African Economic and Monetary Union.
- 3:18 Saudi based Peer-to-Peer Funding Platform Raqamyah signs with Shariyah Review Bureau
- 1:22 Bahrain central bank issues final rules on insurance aggregators
- 3:05 GCC Islamic banks headed for more M&A deals
- 3:01 Bank Nizwa participates in malaysia industry event to leverage latest trends in islamic finance
- 6:05 Qatar’s Islamic finance sector to get central regulation, profitability remains high
- 2:28 CIS is the next frontier for Islamic banking expansion Moody’s
- 2:20 Indonesia sovereign success bodes well for sukuk pipeline
- 1:13 Russian bank trio to roll out Islamic finance products
- 1:23 Jordan auctions 75 mln dinars in maiden sovereign sukuk deal.
- 1:33 Saudi Real Estate Refinance Co to obtain sovereign guarantees on sukuk
- 1:40 Ivory Coast returns to sovereign sukuk market, after Togo debut
- 1:28 As sovereign issues grow, pricing and design stymie corporate sukuk
- 4:03 UNIT 3 RIBA, INTEREST AND PROFIT A
- 3:09 UNIT 3 RIBA, INTEREST AND PROFIT B
- 3:07 UNIT 3 RIBA, INTEREST AND PROFIT C
- 3:29 UNIT 3 RIBA, INTEREST AND PROFIT D
- 19:37 Economic System Of Islam Part 01
- 26:27 The foundation of Islamic Economics Part 02
- 37:10 Finance and Financing Part 04
- 13:49 Basic Principles of Islamic Economics Part 03
- 2:44 UNIT 1 ECONOMIC SYSTEM OF ISLAM PART I
- 4:21 UNIT 1 ECONOMIC SYSTEM OF ISLAM PART H