$200m sovereign Islamic bond likely to be issued in Senegal

Apr 15, 2011

Senegal might issue $200 million (€138 million) in sovereign Islamic bonds in 2011, the Chief Operating Officer at the Islamic Corporation for the Development of the Private Sector (ICD) has said.

Mr Khan stated: “The mandate has been signed; you have to work with the government to see when the best time is. It depends on the government but we’d like to do it the sooner, the better."

He told the press during a conference in Dubai that ICD, a member of the Islamic Development Bank, has been mandated to work on the bond, Next news site reports.

Birahim Seck, Chief Executive of financial advisory firm SYM International, told Reuters news agency last November that the potential for Islamic banking is strong in Senegal, with Muslims comprising 94 per cent of its population.

He added that the country has recently emerged as a relatively stable hub for regional business, which is attracting increasing investment interest from the oil-producing Gulf.