World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

ICD supports Ivory Coast to successfully Issue Sukuk

ICD supports Ivory Coast to successfully Issue the largest West African Sovereign Sukuk

The Islamic Corporation for the Development of the Private Sector (“ICD”), an arm of the Jeddah-based Islamic Development Bank, acted as the Lead Arranger.

JEDDAH, Kingdom of Saudi Arabia, January 15, 2016/ -- On 21st December 2015 the Republic of Côte d’Ivoire, acting through the Ministry of Economy and Finance, closed an inaugural local currency, CFA 150 Billion (USD 244 million) Sukuk al-Ijara (“Sukuk”). The Islamic Corporation for the Development of the Private Sector (“ICD”) (http://www.ICD-idb.org), an arm of the Jeddah-based Islamic Development Bank, acted as the Lead Arranger.

The sukuk with a fiveyear maturity, was subscribed by regional and international institutional investors. Retail investors from the eight member West African Economic and Monetary Union (WAEMU) have also subscribed.

The CEO of ICD, Mr Khaled Mohammed Al Aboodi commented: “The ICD will do its best to contribute in the transformation of the WAEMU Capital Market. ICD is committed to promote and increase substantially the volume of Islamic financing transactions toward the economies of the Union.”

As Lead Arranger, ICD was mandated by the Republic of Côte d’Ivoire to structure a Sukuk Program, appoint and coordinate with other consultants, liaise with Government officials and oversee the entire process of the Sukuk offering. The ICD is playing a major role in helping African countries enter the market. With the assistance of ICD, Senegal issued WAEMU’s debut Sovereign sukuk to the regional market. This paved the way for other Western African countries to consider Sukuk as alternative financing tool.

The economic prospect of Cote d’Ivoire was attractive to Middle-Eastern and North African buyers. Region-wise, 56% of Sukuk was allocated to West Africa and 6% to North Africa whileMiddle-Eastern buyers snapped up to 38%.

This landmark transaction won recently two awards, namely "Sukuk Deal of the Year (2015)" and "Africa deal of the year (2015)" which are presented by "Islamic Finance News (IFN)"

ENDS

© Scoop Media

 
 
 
 
 
World Headlines

 

Werewolf: Gordon Campbell On North Korea, Neo-Nazism, And Milo

With a bit of luck the planet won’t be devastated by nuclear war in the next few days. US President Donald Trump will have begun to fixate on some other way to gratify his self-esteem – maybe by invading Venezuela or starting a war with Iran. More>>

Victory Declared: New Stabilisation Funding From NZ As Mosul Is Retaken

New Zealand has congratulated the Iraqi government on the successful liberation of Mosul from ISIS after a long and hard-fought campaign. More>>

Gordon Campbell: On The Current US Moves Against North Korea

If Martians visited early last week, they’d probably be scratching their heads as to why North Korea was being treated as a potential trigger for global conflict... More>>

ALSO:

Gordon Campbell: On The Lessons From Corbyn’s Campaign

Leaving partisan politics aside – and ignoring Jeremy Corbyn’s sensational election campaign for a moment – it has to be said that Britain is now really up shit creek... More>>

ALSO:

Another US Court: Fourth Circuit Rules Muslim Ban Discriminatory

ACLU: Step by step, point by point, the court laid out what has been clear from the start: The president promised to ban Muslims from the United States, and his executive orders are an attempt to do just that. More>>

ALSO: