On January 26, Senegal will disburse more than 14 billion CFA francs as part of the semi-annual margin and partial repayment of its Islamic bond called “SUKUK Etat du Sénégal 6% 2016-2026".
In June 2016, the country launched a Sukuk or Islamic bond worth 150 billion CFA on the financial market of the West African Monetary Union (UMOA). The issuer had set a profit margin of 6%, with a maturity of 10 years, to be paid to subscribers, in place of a classical interest rate prohibited by Islamic law.
The operation was structured around a mutual debt securitization fund (FCTC) which issued 15 million shares (Sukuk) with a nominal value of 10,000 FCFA per unit for investors. In return, this operation received liquidity for a total amount of 150 billion FCFA.