The BRVM Becomes the First Stock Market for Islamic Finance in Africa

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Khaled Al-Aboodi

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THE first listing reflects the commitment of the Regional Stock Exchange, BRVM, for the development of Islamic finance in the Regional Financial Market WAEMU. It will enhance the attractiveness and liquidity of its Islamic bonds, particularly for individual holders, while ensuring the success of future issuances by WAEMU States.

Sukuks are innovative financing sources for the WAEMU economies. Besides, the states, financial institutions and the private sector are invited to issue SUKUK to finance Union economies to accelerate its growth. For Daniel Kablan Duncan, prime minister, minister of Economy, Finance and Budget of Côte d’Ivoire: “the development of Islamic finance is a major focus for the development of the Regional Financial Market to finance growth of Côte d’Ivoire and the entire WAEMU”.

The Islamic Corporation for the Development of the private sector, ICD, the private sector arm of the Islamic Development Bank Group, is the major player of the above transactions with the brokers and management companies of Mutual Funds of securitization. The ICD confirmed its commitment to support the development of Africa.  Khaled AL Aboodi, CEO of the ICD, declared: “this listing is one of the largest ever achieved worldwide and ICD is proud to be one of the actors.”

—  Oct 19, 2016 @ 15:50 GMT

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