Africa Finance Corporation (AFC) has carried out a 150 million US dollar Islamic financing transaction on the Murabaha platform of Nasdaq Dubai. Following high levels of investor interest, the initial target of 100 million US dollars was more than twice oversubscribed, resulting in a final order book of approximately 230 million US dollars. Banji Fehintola, Corporate Treasurer of AFC, expressed his gratitude to Nasdaq Dubai whose Murabaha platform greatly facilitated the issuance. AFC’s Sukuk, issued on January 24, 2017, is the highest rated USD Sukuk issuance from an African entity. The privately placed Murabaha Sukuk was awarded an A3 senior unsecured rating by Moody's Investors Service.
Africa Finance Corporation (AFC), a pan-African development finance institution, has issued its maiden Sukuk as the first Sukuk to be issued by an African supranational entity. The initial target of US$100 million was more than twice oversubscribed, resulting in the transaction being upsized to US$150 million and a final order book of approximately US$230 million. The privately placed Murabaha Sukuk has a three year tenor and will mature on 24 January 2020. Emirates NBD Capital, MUFG and RMB acted as Joint Bookrunners and Joint Lead Managers with Emirates NBD Capital also acting as the Sole Global Coordinator. Andrew Alli, President and CEO of AFC, said this Sukuk represents a milestone for AFC and helps to diversify its portfolio to continue delivering real impact across the continent.