Hogan Lovells advises on debut sukuk

Hogan Lovells has advised the Islamic Corporation for the Development of the Private Sector (ICD), as arranger, on the inaugural CFA150 Billion sukuk offering by the Government of Côte d’Ivoire.

The sukuk is an amortising sukuk al-ijara and is targeted at local banks and institutional investors. It mirrors the successful Senegal sukuk that Hogan Lovells advised on in 2014.

Imran Mufti, Partner commented, "We were very pleased to work with the ICD team on this debut issuance for the Government of Côte d’Ivoire. Islamic financing is gaining pace in Africa and we expect to see more sukuk from African issuers in the near future."

Hogan Lovells' team was led by global head of Islamic Finance, Rahail Ali and partner Imran Mufti. They were assisted by partner Baptiste Gelpi, International Debt Capital Markets, Paris and Lina Bugaighis, Dubai.