ICD coordinates $244 million sukuk for Ivory Coast

With support from the Islamic Corporation for the Development of the Private Sector (ICD), Ivory Coast's Ministry of Economy and Finance recently closed on a $244 million sukuk, a Sharia-compliant bond used as an alternative financing tool.

The sukuk carries a five-year maturity and was subscribed by regional and international institutional investors as well as retail investors from all eight West African Economic and Monetary Union member nations.

“The ICD will do its best to contribute in the transformation of the WAEMU Capital Market," ICD CEO Khaled Mohammed Al Aboodi said. "ICD is committed to promote and increase substantially the volume of Islamic financing transactions toward the economies of the Union.”

ICD has also coordinated sukuks for Senegal and expects to do the same for other West African nations.

The Ivory Coast sukuk was divided 56 percent to West African buyers, 6 percent to North Africa and 38 percent to the Middle East. Closed on Dec. 21, the transaction was honored as Sukuk Deal of the Year 2015 and Africa Deal of the Year (2015) by Islamic Finance News.