IslamicFinance.de

Standard Bank has acted as Joint Lead Manager on the National Treasury of South Africa's debut Sukuk in the international capital markets. The US$500m 5.75-year Sukuk is the largest Sukuk issuance from Sub-Saharan Africa and only the third Sukuk to be issued by a non-Islamic country. The Sukuk will be used to fund South Africa's National Revenue Fund. It also creates a benchmark for the market which will assist state-owned companies to access diversified sources of funding from Islamic investors. The Sukuk is based on the Ijara principle.