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GENDER BASED VIOLENCE: OSUN STATE GOVERNMENT SET TO ESTABLISH MOBILE COURTS  | Governor Adeleke, Women Affairs Minister Strike Deals on Women Development | Osun: Environment Commissioner, Adejoorin Counsels Residents On Indiscriminate Dumping of Refuse | Birthday: Governor Adeleke Felicitates with Elerinmo of Erinmo | Governor Adeleke Approves Construction of Hajj Camp for Osun State | Governor Adeleke Approves Construction of Hajj Camp for Osun State | Fake News: Osun Government Sets up Action Committee On Cyber Crimes, Cyber Bullying | His Excellency Gov. Ademola Adeleke observed Iftar with Royal Fathers in Osun | For Ramadan /Easter Needs, Governor Adeleke Approves March Salaries, Pensions, Palliatives | Governor Adeleke Approves Promotions within Civil Service | Governor Adeleke Sets up Implementation Panel on the White Paper on Contract Review Committee | Courtesy visit by Minaret International University Foundation | It”s our collective interest for Mr President to succeed – Gov Adeleke | GOVERNOR ADELEKE CONGRATULATES NEW NACA DIRECTOR–GENERAL, DR. TEMITOPE ILORI | OSUN APC IS A LYING MACHINE- GOVERNOR ADELEKE DID NOT TAKE ANY LOAN | Governor Adeleke Salutes Barr Owolade at 70 | Governor Adeleke Opens Rehabilitated Government House, Says Upgrading State Assets is a Policy | Olubadan’s Exit: Gov Adeleke Commiserates with Gov Makinde, Ibadan people | The management of the Federal College of Education, Iwo paid a courtesy visit to Gov. Ademola Adeleke | The World Health Organization (WHO) team led by Prof. Ebun Adejuyigbe paid a courtesy visit to Governor Ademola Adeleke

Breaking News

GENDER BASED VIOLENCE: OSUN STATE GOVERNMENT SET TO ESTABLISH MOBILE COURTS  | Governor Adeleke, Women Affairs Minister Strike Deals on Women Development | Osun: Environment Commissioner, Adejoorin Counsels Residents On Indiscriminate Dumping of Refuse | Birthday: Governor Adeleke Felicitates with Elerinmo of Erinmo | Governor Adeleke Approves Construction of Hajj Camp for Osun State | Governor Adeleke Approves Construction of Hajj Camp for Osun State | Fake News: Osun Government Sets up Action Committee On Cyber Crimes, Cyber Bullying | His Excellency Gov. Ademola Adeleke observed Iftar with Royal Fathers in Osun | For Ramadan /Easter Needs, Governor Adeleke Approves March Salaries, Pensions, Palliatives | Governor Adeleke Approves Promotions within Civil Service | Governor Adeleke Sets up Implementation Panel on the White Paper on Contract Review Committee | Courtesy visit by Minaret International University Foundation | It”s our collective interest for Mr President to succeed – Gov Adeleke | GOVERNOR ADELEKE CONGRATULATES NEW NACA DIRECTOR–GENERAL, DR. TEMITOPE ILORI | OSUN APC IS A LYING MACHINE- GOVERNOR ADELEKE DID NOT TAKE ANY LOAN | Governor Adeleke Salutes Barr Owolade at 70 | Governor Adeleke Opens Rehabilitated Government House, Says Upgrading State Assets is a Policy | Olubadan’s Exit: Gov Adeleke Commiserates with Gov Makinde, Ibadan people | The management of the Federal College of Education, Iwo paid a courtesy visit to Gov. Ademola Adeleke | The World Health Organization (WHO) team led by Prof. Ebun Adejuyigbe paid a courtesy visit to Governor Ademola Adeleke
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Webmaster October 18, 2013

Osun Sets The Trend As Nigeria, Other African Countries Adopt Islamic Sukuk To Fund Big Infrastructure Projects

SONY DSCNigeria and some African countries are for the first time embracing large-scale Islamic finance as countries seek to tap cash-rich Middle Eastern investors to finance their large infrastructure programmes, reports FT.
The market for sukuk, or Islamic bonds, received a boost this month after Nigeria became the first major economy in sub-Saharan Africa to use the $100 billion a year Islamic market, followed days later by Senegal.
Africa is home to roughly 400 million Muslims – about a quarter of the world’s total – but until now only Gambia and Sudan have issued any sukuk, and they were for tiny sums on a short-term basis.
Analysts said the Nigerian sharia-compliant bond issued by Osun State, while relatively small at $62 million, signalled the start of a trend.
“Increasingly, it seems that sovereign sukuk issues from Africa might now be on the radar,” said Christian Esters, at credit rating agency Standard & Poor’s.
Senegal said it had plans for a $200 million sukuk in 2014 with the support of the Jeddah-based Islamic Development Bank. Amadou Ba, finance minister, said the offering was the “beginning of an ambitious programme which could lead to the financing of innovative infrastructure and energy projects through sukuk”.
The use of Islamic finance on the continent could grow further as several north and sub-Saharan African countries – including Morocco, Tunisia, South Africa and Kenya – are laying the legal groundwork to be able to issue sukuk. The central banks of Nigeria and Mauritius are also shareholders in the Malaysia-based International Islamic Liquidity Management Corp, which has started to issue sukuk to help Islamic banks manage their finances.
Bankers and lawyers caution that the industry is in its infancy and it will take several years before Islamic finance takes off across the continent. Clement Fondufe, partner at law firm Latham & Watkins, said that compared with Asia and the Middle East, “Islamic finance is at the early stages of development” in Africa.
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