DUBAI (Reuters) - Senegal will likely launch a debut sovereign Islamic bond in 2011 of around $200 million, said the chief operating officer at the Islamic Corporation for the Development of the Private Sector (ICD).
ICD, a member of the Islamic Development Bank has been mandated to work on the Islamic bond, or sukuk, and while the exact size has not been fixed yet, it will be around $200 million, Ahmed Khizer Khan told reporters on the sidelines of a conference in Dubai.
“The mandate has been signed, you have to work with the government to see when the best time is,” Khan said. “It depends on the government but we’d like to do it the sooner, the better.”
Sources told Reuters in November Citibank is also serving as an arranger on the planned sukuk.
Senegal is one of a number of African nations looking to enter the nearly $1 trillion Islamic finance market. Nations from South Africa to Kenya are revamping laws to accommodate sukuk transactions in a bid to attract more Middle Eastern funds.