Senegal to launch its first Islamic bond within weeks
Senegal will launch its first bond issue on the Islamic finance market in June or July 2014, the Treasury's director Abdoulaye Dieng, has said.Senegal will launch its first bond issue on the Islamic finance market in June or July 2014, Treasury's Director, Abdoulaye Dieng, stated.
"In Senegal, we are aware of what Islamic finance can do for our development. This is why Senegal will launch its first sukuk in June or July," he explained, quoted by the Senegalese Press Agency.
The amount sought through this loan is about Cfaf100 billion (€152.5 million), which will finance development projects in Senegal.
Islamic finance is booming in the West African nation, and a number of
banks, such as UBS and PARIBAS, have already set up a dedicated Islamic window.
The Islamic Bank of Senegal (BIS) has also launched an Islamic microfinance project.
Approximately 95 percent of Senegalese residents are Muslims, which represents a large potential market. Developing branches in accordance with the principles of Sharia is expected to help increase the rate of access to banking services in the country, which was only 8 percent in May 2012, according to figures from the central bank published by Burkinapmepmi .