AFC carries Out $150m Sukuk Transaction On Nasdaq Dubai
This is the first US dollar Sukuk to be issued by an African multilateral institutionAfrican Finance Corporation (AFC) has done $150 million Sukuk transaction on the Murabaha platform of Nasdaq Dubai, the international financial exchange platform serving the Middle East and Africa. The transaction was the first US dollar Sukuk to be issued by an African multilateral institution and the first African organization to utilize Nasdaq Dubai's Murabaha platform. Speaking on the development, Corporate Treasurer of AFC, Banji Fehintola said "Nasdaq Dubai's pioneering Murabaha platform greatly facilitated the issuance of our Sukuk. It supported the strong demand that we received from global as well as regional investors and enabled us to upsize the proposed issuance size to its eventual 150 million US dollars. "The platform enabled us to execute our Murabaha transactions swiftly and efficiently in a manner that was highly cost effective and provided us with Sharia'a-compliance certainty" he added. CEO of Nasdaq Dubai, Hamed Ali said "we are delighted to support AFC's important activities in project development, financing and advisory work across Africa, for the benefit of its people and their economic well-being. "The exchange's Sharia'a-compliant infrastructure is positioned to meet Islamic financing needs across the region and we look forward to expanding our services on behalf of a range of African public and private institutions" he stated. AFC's Sukuk, issued on January 24, 2017, is the highest rated USD Sukuk issuance from an African entity.