Afriland First Bank is targeting the large Muslim population in the country.
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The money will help finance major development projects.
Afriland First Bank has opened its first branch dedicated to Islamic finance.
The State of Senegal has filed an application to stop the bond issue.
The move will also lead to higher revenue for states and the federal government.
The new composite index is set to bring transparency to most liquid African bond markets.
The bank aims to become the "investment bank of reference in Africa."
The process could take 12 months.
The agency will invest two million euros to support SMEs.
It will be easier for borrowers to identify cheap lenders.