Browsing: Sukuk issuances

• Uganda has issued first Islamic Banking License after a 20-year wait. On its part, Kenya has issued the first Islamic Bond to finance affordable housing agenda.
• The performance of Sukuk bonds in the continent is revealing untapped demand that could finance development projects.
• Estimates show global Islamic finance assets could reach $3.8 trillion by 2024.

Islamic Finance is on an exponential growth trajectory across Africa, garnering momentum by the day broadening the continent’s financial landscape. African countries are making significant steps towards bolstering access to shariah-compliant financial instruments and services, to cater to the largely financially, excluded Muslim population. This comes as figures from the Islamic Development Finance Corporation (IDFC), forecast that global Islamic Finance assets could reach $3.8 trillion by 2024.

Large swathes of African populace still remains unbanked, pertinently those shifting stance from the conventional system driven by their religious beliefs, thereby unlocking an untapped pool of investments.…

• Moove has raised US$30 million to increase its fleet of electric vehicles in the MENA region. The money came from a debut Sukuk offering
• Moove will use the funding to add up to 2,000 EVs in United Arab Emirates over the next year
• Moove predicts that this fleet of EVs will reduce carbon dioxide emissions by nearly 5,000 metric tonnes annually

Moove, a mobility fintech company in Nigeria, has raised US$30 million to increase its fleet of electric vehicles in the MENA region. The money came from a debut sukuk offering that Franklin Templeton Investments (ME) Ltd coordinated.

The successful closing of the company’s first sukuk will give Moove access to the vast pool of Islamic investors who are especially keen on making socially and environmentally responsible investments. It will also undoubtedly open up new financing options for Moove’s ambitious expansion plans.

As a sukuk al- istisna, a Shari’ah-compliant contract …