IslamicFinance.de

The State of Osun in southwestern Nigeria raised a sukuk bond worth 10 billion naira ($62 mn) from the capital market to fund educational development. After the recent trend of Eurobond issuance by African countries, Osun’s offering was sowing the seeds for more African sukuk. Prior to Osun, only Gambia and Sudan had issued local-currency short-term domestic notes. Osun's Governor Rauf Aregbesola believes that the potential of Islamic finance can also attract investors from the Middle East. Osun State’s planned multi-billion naira sukuk fund for education represents Nigeria’s most ambitious attempt to promote Islamic finance.