IslamicFinance.de

The government of Mali will complete its first sukuk sale using a lease-based structure linked to affordable housing projects. The West African nation aims to raise 150 billion CFA franc ($285 million) via a seven-year deal that carries a profit rate of 6.25%. The sukuk uses an ijara structure that is underpinned by social housing projects in N‘Tabacoro in the southwest of the country. The sale is being arranged by the Islamic Corporation for the Development of the Private Sector (ICD), which has advised the governments of Togo, Ivory Coast and Senegal on their own sovereign sukuk. The sukuk assets are managed by Taiba Titrisation, a Senegal-based subsidiary of the ICD.