Hogan Lovells advises on inaugural Senegal Sukuk

Hogan Lovells advised the Islamic Corporation for the Development of the Private Sector (ICD) and Citi, represented by Citibank Senegal S.A. as arrangers, on the inaugural USD 200 million sukuk offering by the State of Senegal, the first of its kind in the West African Economic and Monetary Union (WAEMU) zone. 

The sukuk is an amortising sukuk al-ijara guaranteed by the State of Senegal, and is targeted at local banks and institutional investors. Hogan Lovells’ team was led by Global Head of Islamic Finance, Rahail Ali and Saudi-based Partner Imran Mufti. 

Rahail Ali, Global Head of Islamic Finance commented: “Working on the first African sukuk, which promises to be the first of many sukuk in years to come, is a great landmark assignment. I expect the continuing development of the Islamic finance market in Africa will offer tremendous possibilities for sukuk, especially given the huge capital development anticipated for the African continent.”