Senegal has issued an Islamic bond worth CFAF 330 billion ($541 million) to finance the acquisition of government buildings and other projects. The Islamic Corporation for the Development of the Private Sector (ICD) welcomes Senegal's return to the regional Islamic debt capital markets six years after its last sukuks issue.

The proceeds of the issue, divided into three tranches of seven, ten and fifteen years, will be used to finance the acquisition of government buildings and various other government projects. Senegal was the first African country to issue a sovereign Sukuk and this is the third since 2014. Sukuk is equivalent to a bond in conventional finance. Respecting the religious precepts of sharia law, it represents an alternative for investors who do not wish to receive interest in accordance with the principles of their religious beliefs.