Hogan Lovells Advises on Inaugural Senegal Sukuk
15 September 2014
DUBAI, 15 September 2014 - Hogan Lovells has 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 US$200million 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.
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."
Imran Mufti, Saudi-based Partner commented:
"We were very pleased to advise ICD and Citi on this sukuk. Islamic financing certainly looks set to take-off in Africa."
Hogan Lovells' team was led by Global Head of Islamic Finance, Rahail Ali and Saudi-based Partner Imran Mufti.
Hogan Lovells has a first-rate reputation as a leader in Islamic finance, having advised on numerous first-of-their-kind transactions, such as the first convertible sukuk, the first equity-linked sukuk, the first Sharia-compliant securitisation, the first international sukuk al-mudaraba and sukuk al-musharaka, the first sukuk buy-back, and the first Multilateral Investment Guarantee Agency (MIGA) guaranteed Islamic project financing.
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Where case studies are included, results achieved do not guarantee similar outcomes for other clients