IslamicFinance.de

Africa’s development needs are greatly aligned with Islamic finance given the continent’s infrastructure deficit, paving the way for more sharia-compliant products on the continent. According to Imran Mufti, partner at Riyadh-based law firm Hogan Lovells, being attached to tangible infrastructure and development projects is in line with the ethos of Islamic finance. Mufti’s statement comes following three sukuk issuances in West Africa on the 18th October from Côte d’Ivoire, Senegal and Togo. Each sharia-compliant bond was listed on the regional bourse, the Bourse Régionale des Valeurs Mobilières (BRVM). Mufti said the latest sukuk issues’ success and tight yields show that investors are comfortable with sukuk from Africa.