Senegal

ICD, the private sector arm of the Islamic Development Bank Group (“IDB”) cooperates with Coris Bank International to launch Islamic windows

The Islamic Corporation for the Development of the Private Sector (ICD) and Coris Bank International have entered into a Joint Strategic Collaboration to establish Islamic windows. ICD is assisting Coris Bank International’s subsidiaries in launching four dedicated Islamic windows in Cote d’Ivoire, Mali, Senegal and Benin. The advisory agreement was signed by the CEO of ICD, Mr. Khaled Al Aboodi and Mr. Idrissa Nassa, CEO and Chairman of Coris Bank International. Mr. Nassa stated that the signature of this advisory agreement with ICD aims to achieve the bank's objectives. The current strategy of the group is to implement an Islamic Window in all its banking network. In midterm the group aspires to create sharia compliant subsidiaries.

IRTI-IDB and BCEAO organize first regional #consultation on #Sukuk Model Law

The Islamic Research and Training Institute (IRTI) and the Islamic Development Bank (IDB) have organised a regional consultation workshop on the Sukuk Model Law Project. Partner of the workshop was the Central Bank of West African States (BCEAO). The workshop was held at the BCEAO headquarters in Dakar, Senegal from 23-24 January 2017. The objective of the Project is to create a model Sukuk law and guidelines that leverage global best practises for creating a legal framework for Sukuk issuance and regulation. Subsequent regional consultations are planned for South East Asia, Central Asia and the MENA regions. IRTI Director General, Prof. Mohamed Azmi Omar, said the workshop reaffirmed the importance of Sukuk as an emerging instrument of resource mobilisation.

#Sukuk bonds issuance will grow in West Africa, says Hogan Lovells

According to law firm Hogan Lovells, the launch of Sukuk bonds by three West African governments will open up a vast financing channel for the region. Hogan Lovells advised the Islamic Corporation for the Development of the Private Sector (ICD) as lead arranger on the issuance of three sovereign Sukuks in West Africa. These include Cote d’Ivoire, Senegal and the Republic of Togo. The Sukuks were listed on the Bourse Régionale des Valeurs Mobilières (BRVM), Abidjan, Cote d’Ivoire. Altogether with the debut issuances for Senegal and Cote d’Ivoire, the combined listing value was CFA 766 billion. Imran Mufti, who led the Hogan Lovells’ team, said the landmark Sukuk bonds will enhance the development of Islamic finance in West Africa.

#Senegal #sukuk leads #IvoryCoast and #Togo deals

Senegal raised FCFA200bn (around $341m) from a sukuk that raised FCFA50bn more than originally planned. Sukuk Etat du Senegal offers 6% a year profit margin, paid half yearly with a two-year grace period. The asset is backed by shares in the Léopold Sedar Senghor international airport. Senegal was the first country in the West African Economic and Monetary Union’s (WAEMU) to issue sukuk, with a debt deal worth FCFA100bn back in June 2014. Ivory Coast aims to raise FCFA150bn as part of a two tranche FCFA300bn sukuk program set up last year. The transaction is expected to deliver a yield of 6.5% and have a tenor of seven years. Meantime, Togo also aims to raise FCFA150bn through a 10-year sukuk offering a 6.5% yield.

CORRECTED-African sovereign trio add to growing appeal for #sukuk

#Senegal has upsized its second sale of sovereign sukuk, with #Ivory Coast and #Togo expected to close their own deals in coming days. Senegal issued a debut sukuk in 2014 and returned to the market in July with a 10-year deal paying a 6% profit rate backed by assets from Dakar's international airport. Senegal's sukuk raised a total of 200 billion CFA francs ($341.5 million) from an initial plan for 150 billion CFA francs. Ivory Coast is completing a sale of 150 billion CFA franc worth of 7-year sukuk, while Togo aims to raise 150 billion CFA francs from its debut sukuk, which has a 10-year maturity and 6.5% 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.

Finance islamique: le #Sénégal lance un deuxième #sukuk de 150 milliards de F CFA

Le Sénégal a lancé cette semaine son deuxième emprunt obligataire sous la forme de sukuk. L’opération consiste en la levée de 150 milliards de F CFA (228,6 millions d’euros), à travers l’émission de 15 millions de parts d’une valeur nominale de 10 000 F CFA, sur le marché financier de l’Union économique et monétaire ouest-africaine (UEMOA). La période de souscription de cette levée de fonds s’étend sur un mois (du 20 au 19 juillet). Elle offre une marge annuelle de profit de 6 % avec une maturité de 10 ans.

Finance islamique: Des avantages à saisir

Le 4e Forum international sur la finance islamique s’est tenu les 2 et 3 juin à Dakar sous le thème: La finance islamique au service du Plan Sénégal émergent (PSE). Ministre Abdoul Aziz Tall a dit que les finances islamiques constituent une solution idéale pour accompagner le processus de réalisation des projets structurants du PSE. Le ministre cite entre autres secteurs prioritaires, l’agriculture, les infrastructures, l’accès des petites et moyennes entreprises (PME), les services sociaux de base.
Selon Mohammed Moustapha Bintubé de la Jaiz Bank le Sénégal constitue un terreau fertile pour l’émergence d’une finance islamique forte.

La #FinanceIslamique: une opportunité de financement pour le Pse

La Finance Islamique, c’est plus de $2.000 ms et 35% de taux de croissance. Une manne financière qui doit être saisie par le gouvernement du Sénégal pour le financement du Plan Sénégal émergent (Pse). Oulimata Diop, Directrice de la Monnaie et du Crédit au Ministère de l’Economie des Finances, a dit l'financement du Pse qui doit être pris en charge par le secteur privé à hauteur de 60%, c’est pourquoi le gouvernement compte mettre en place des stratégies pour capter l’investissement Islamique.

Islamic finance: Sukuk for Senegal

When Senegal issued a 100bn CFA franc ($168m) sovereign Islamic bond in June 2014, it beat economic giants Nigeria and South Africa to market and began a race to create a hub for Islamic finance in Africa. Senegalese officials are optimistic about the country's prospects. There is an Islamic bank in Senegal, the Banque Islamique du Sénégal. Alioune N'Diaye, the finance ministry's director for money and credit, also emphasized the good relationship with the Islamic Development Bank (IDB). With a gradual readjustment of tax and other laws to be able to accommodate sharia-compliant financial instruments and growing ties with Gulf states, Senegal could become a prime destination for Arab investors who are looking for higher returns on their money.

Sénégal, le sukuk de 100 milliards de f CFA primé à Kuala Lumpur

L'Etat du Sénégal a été retenu par un jury composé de banquiers, de journalistes, de professeurs d’universités, de spécialistes de la Finance islamique, à l'issue d'une table ronde, mi-janvier 2015 à Kuala Lumpur, en Malaisie. La réunion de janvier dernier en Malaisie vient de décerner un satisfecit à l'Etat du Sénégal. Après son émission obligataire islamique sur le marché international d'un montant de 100 milliards de f CFA (premier du genre au sud du Sahara), menée par la BIS (Banque islamique du Sénégal) et arrangée par Citibank Dubaï et ICD, la signature du portefeuille de l'Etat prend ainsi de la voilure auprès des investisseurs et prêteurs "halal".

Turkey's Bank Asya to sell Senagal-based Tamweel Africa Holding stake

Turkey's Bank Asya said it was selling its 40 percent stake in Senegal-based Tamweel Africa Holding for 31.8 million euros ($37.7 million). Asya is selling the stake in Tamweel, which promotes Islamic finance in sub-Saharan Africa, to the Saudi-based Islamic Corporation for the Development of the Private Sector (ICD). The bank obtains 41.3 million lira profit through this sale and expects an positive impact on first quarter profitability, Cengiz Onder, Bank Asya's head of investor relations said. Besides, Bank Asya has laid off 1,708 staff and closed 80 branches, out of the 5,074 staff and 281 branches it had at the end of 2013.

1ère émission de Sukuk de 100 milliards de francs CFA : Clifford Chance Casablanca conseille la République du Sénégal

Le cabinet d’avocats d’affaires international Clifford Chance conseille la République du Sénégal sur sa première émission de Sukuk de 100 milliards de francs CFA (environ 200 millions de dollars US). Il s’agit de la première émission souveraine de Sukuk importante réalisée en Afrique. Le Sukuk a été structuré sous forme d’Ijara. La République du Sénégal a accordé un usufruit de 99 ans sur certains de ses actifs et a décidé de les louer en retour pour effectuer des paiements de loyers aux investisseurs. L’opération a été garantie par la République du Sénégal. Les arrangeurs de cette opération sont la Société islamique pour le développement du secteur privé et Citi.

Islamic Development Bank loans $180 mln for Africa energy projects

The Islamic Development Bank has launched a programme to release $180 million in financing to six African countries for renewable energy projects. The new initiative, called Renewable Energy for Poverty Reduction, will target projects over the next three years to improve access to electricity in Africa's rural areas. Around $125 million have been committed by the bank and initial talks with potential partners such as the OPEC Fund for International Development have started to secure the rest. The initiative will focus on West Africa and projects in Burkina Faso have already been approved. Projects such as mini-grids and rooftop solar systems for Mali, Senegal, Niger and Nigeria are likely to follow and a sixth African country not yet determined.

La finance islamique peut financer les grands projets des Etats (banquier)

Le directeur général de la Banque islamique du Sénégal (BIS), Babacar Ndoye, soutient que la finance islamique est assez efficace pour financer les grands projets des Etats. Les autorités ont, à travers les sukuk, un instrument capable de satisfaire les besoins de financement des infrastructures et du développement, selon M. Ndoye. Le Sénégal, pays majoritairement musulman, peut aussi mobiliser beaucoup d’argent par "la zakat". Babacar Ndoye estime que les possibilités pour le monde musulman de lutter contre la pauvreté et de se développer, au moyen de la zakat, sont extraordinaires. Appliquée à la banque, la "zakat" peut même créer des emplois, a-t-il assuré. Pour toutes ces raisons, la finance islamique et la finance classique doivent être considérées comme deux entités complémentaires.

ICD backs $200 million Senegal sukuk project

The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group (IDB), and the government of Senegal and have announced the African state’s plan to relaunch a XOF 100 billion ($200 million) sukuk project next year. Amadou Ba, Senegal’s minister of economy and finance, has reaffirmed the interest of his government of Senegal to diversify its financing instruments. This project is the beginning of an ambitious program which could lead to the financing of innovative infrastructure and energy projects through sukuk issuances. This project is the first of its kind in the West African Economic and Monetary Union (WAEMU) and aims to promote Islamic finance as an alternative instrument to finance the economies of the member states of the union.

Millennium Development Goals in Rural Africa Get $100 Million Boost

The Islamic Development Bank (IDB) and its poverty reduction arm, the Islamic Solidarity Fund for Development (ISFD), have now extended more than $100 million in financing to help eight African nations combat extreme poverty, improve public health and achieve more sustainable development. In each of these projects, host governments will partner with the IsDB, the Earth Institute and Millennium Promise to carry out the projects. The combined $104 million will finance three major programs: The ISFD’s new flagship Sustainable Villages Program (SVP) in Chad, Mozambique, and Sudan ($40 million), Scale-ups of the Millennium Villages Project in Mali, Senegal and Uganda ($29 million), Implementation of the Drylands Initiative in Djibouti, Somalia and Uganda ($35 million). The $104 million will be provided in the form of Islamic finance to the recipient countries, except in the case of a grant provided to Somalia. All of these countries are members of the bank.

Jeffrey Sachs' Millennium Villages to expand with £67m loan

The Islamic Development Bank (IsDB) is to provide $104m (£67.3m) in loans to African governments to fund an expansion of Millennium Villages, the controversial project led by Jeffrey Sachs, director of Columbia University's Earth Institute. About $40m of the money will go towards a flagship sustainable villages programme (SVP) in Chad, Mozambique, and Sudan. In addition, $29m will support the extension of existing Millennium Village projects (MVPs) in Mali, Senegal and Uganda, while $35m will be used for a drylands initiative in Djibouti, Somalia and Uganda. Governments will team up with the IsDB, the Earth Institute, and its partner, Millennium Promise, to carry out the projects. The Millennium Village project covers more than 500,000 people in 14 areas of 10 countries in different environments across Africa. Each site was considered a "hunger hot-spot" at the time the project began in 2006. The concept works on the principle of interventions across several key areas – health, education, enterprise and agriculture – over a 10-year period.

Islamic banking in Africa

KFH Research made a report about the future of Islamic finance in Africa that shows that there are various promising opportunities for the growth and development of Islamic banking in Africa; especially North African countries, in addition to Kenya, Nigeria, Senegal and South Africa.
In addition, the report noted that Africa hosts 38 Islamic finance institutions, and stressed that most African countries have amended their legislations to allow Islamic institutions to operate.

Africa looks to Islamic finance

Africa is mooving its economic attention away from the west to the Middle East and Asia as a primary source of capital raising. This shift in alignment partially explains the expected launch of a number of Sukuk across the continent in 2012.
Countries that have announced sovereign Sukuk to raise capital for their budgets are: South Africa, Senegal, Nigeria and Kenya. This move is especially welcomed by sovereign wealth and Islamic finance institutions - especially in the GCC.

Africa looks to Islamic finance

Africa has begun to move its economic attention away from the west to the Middle East and Asia as a primary source of capital raising. This shift in alignment partially explains the forthcoming launch of a number of Sukuk across the continent in 2012.
South Africa, Senegal, Nigeria and Kenya have all divulged sovereign Sukuk to raise capital for their budgets, a marked move away from aid and loans from the economies of Europe and the US and a move broadly welcomed by sovereign wealth and Islamic finance institutions – especially in the GCC.
Senegal, for exmaple will issue a $200m Sukuk, initially planned for this year but now most likely for the begin of 2012. Finance minister Abdoulaye Diop stated that proceeds from the Sukuk will be used for budgetary support.

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