Senegal Issues XOF 330 Billion Worth of Sukuk Ijarah in Three Tranches 

The Republic of Senegal (Senegal) has concluded the sale of XOF 330 billion (USD 525.4 million) Sukuk Ijarah through the Société Nationale de Gestion et d’Exploitation du Patrimoine Bâti de l’État (SOGEPA SN) in three tranches of seven-years; 10-years, and 15-years tenors, respectively, as per a press release issued on the 8th of June 2022.

Why it Matters?

Senegal stands as the first African nation to issue a sovereign Sukuk and this issuance represents the county's return to the regional Islamic debt capital markets in six years, making it its third offering since its first and second issuances in 2014 and 2016, respectively. According to Mouhamadou Madana Kane, Chief Executive Officer (CEO) of the Islamic Bank o...