The BRVM becomes the 1st Stock Market for Islamic Finance in Africa with Five Sukuk Listings amounting to 766 Billion FCFA (1.3 Billion USD) - African Business Magazine
The BRVM becomes the 1st Stock Market for Islamic Finance in Africa with Five Sukuk Listings amounting to 766 Billion FCFA (1.3 Billion USD)

The BRVM becomes the 1st Stock Market for Islamic Finance in Africa with Five Sukuk Listings amounting to 766 Billion FCFA (1.3 Billion USD)

The first listing reflects the commitment of the 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 His Excellency Mr. 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. ICD confirms its commitment to support the development of Africa. Mr. Khaled AL Aboodi, the CEO of ICD, declared “this listing is one of the largest ever achieved worldwide and ICD is proud to be one of the actors.”

NB: Please refer to the following link to see the sukuk listing:

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About BRVM:
The Regional Stock Exchange (BRVM) ( is a fully integrated common electronic stock exchange for 8 countries in West Africa: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. Apart from equity investments (shares), the BRVM proposes the issuance and trading of debt securities (bonds). The BRVM offers to investors a world-class environment with stock quotation systems and settlement of transactions on the cutting edge of technology. The BRVM is a member of the African Securities Exchanges Association (ASEA). It is now classified in the category of frontier markets.

About the Islamic Corporation for the Development of the Private Sector (ICD):
ICD ( is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit

Rate this article

Author Thumbnail
Written by African Business Magazine

African Business and its award-winning team is widely respected for its editorial excellence. We provide the all important tools enabling you to maintain a critical edge in a continent that is changing the world. Our special reports profile a wide range of sectors and industries including Energy, Oil and Gas, Aviation, Agriculture to name but a few.

Related Posts

  • Consultation between the Ministries of Foreign Affairs of Belarus and Sudan

    On October 27, 2016 Khartum hosted Consultations between the Ministries of Foreign Affairs of Belarus and Sudan on the Deputy Ministerial level.

    Belarussian delegation was headed by the Deputy Minister of Foreign Affairs, Valentin Rybakov, Sudan delegation was led by the State Minister of the Ministry of Foreign Affairs, Kamal Ismail.

    During the consultations, the parties discussed the whole range of bilateral issues, including cooperation in trade, economic, political, humanitarian and other spheres, as well as current situation in the region and prospects for its’ development.

    During the visit, V.Rybakov met with the First Vice President of the Republic of the Sudan, Bakri Hassan Saleh.

    In the course of the meeting with the Minister of Oil and Gas of the Republic of the Sudan, Co-Chair of Belarusian-Sudanese Joint Commission for Cooperation, Mohamed Awad, the sides considered the implementation of the agreements reached during the third meeting of the Intergovernmental Commission.

    The Deputy Foreign Minister also met with representatives of the Ministries of Industry, Agriculture, Investment, Higher Education and Science, International Cooperation, Public Health and Central Bank. The parties discussed the development of Belarusian-Sudanese cooperation in the relevant fields.

    Distributed by APO on behalf of Ministry of Foreign Affairs of the Republic of Belarus.

    Media files
    Ministry of Foreign Affairs of the Republic of Belarus
    Download logo

  • Water, sanitation and hygiene project with the Ministry of Water Resources, funded by UK Aid, to benefit more than 150,000 people in Sierra Leone

    More than 150,000 people in Sierra Leone are set to benefit from improved water, sanitation and hygiene (WASH) under a new project launched by the Government of Sierra Leone with UNICEF funded by UK aid, from the British people.

    In line with the President’s Recovery Priorities, the project will see the improvement of vital sanitation and hygiene practices – like use of improved toilets and handwashing with soap – in rural communities across eight target districts. In addition, a total of 504 water points will be constructed / rehabilitated in schools, communities and health facilities. The goal is to reduce the numbers of deaths and illnesses, such as cholera, caused by poor water and hygiene.
    “Safe water and good hygiene are key to developing a healthy Sierra Leone,” said the Minister of Water Resources, Momodu Maligi. “This project will target vulnerable communities and bring about sustainable access to basic sanitation that has the potential to save thousands of lives.”
    In Sierra Leone as a whole 63 percent of households have access to safe drinking water sources, 13 percent have access to improved sanitation facilities and only 22.9 percent of primary schools have access to functional safe drinking water sources in their school premises. However, in rural areas, only 48 percent have access to safe drinking water and 7 percent have access to improved sanitation facilities
    As part of the project, children in 180 primary schools in the priority areas will be provided with child friendly WASH facilities as per the Ministry of Education, Science and Technology minimum standards.
    Speaking at the launch Guy Warrington, British High Commissioner to Sierra Leone, said “I am delighted to see the WASH programme in action. This underlines the UK Government’s commitment to help at least 60 million people globally get access to clean water and sanitation, over the next 5 years. Improving water and sanitation is also a Presidential Recovery Priority, I am pleased we are working on a common goal. We know that to address Sierra Leone’s development challenges effectively, we must work together to ensure everyone has access to clean water and good sanitation. I am delighted that UK Aid is able to support the Government of Sierra Leone’s efforts to improve WASH for rural communities as part of our £240 million pound commitment to the recovery.”
    The UK government has been a committed partner of Sierra Leone for many years in the water sector and is investing £8.5 million pounds (USD $10.4 million dollars) in the project. UK Aid’s support to the previous 6-9 month post-Ebola recovery plan saw WASH services provided in 84 health care facilities and 170 schools, delivered by UNICEF.
    Poor hygiene and sanitation in Sierra Leone is linked to three leading causes of under-five mortality: malaria, respiratory and diarrheal diseases. Handwashing levels pre-Ebola were less than 20 percent, but all indications are this improved significantly during the Ebola response.
    “Large inequalities exist between urban and rural communities when it comes to current access to safe water sources and sanitation,” said the UNICEF Representative, Geoff Wiffin. “In the Agenda for Prosperity, the Government has committed to prioritising WASH services and with DFID we want to support that goal and make improved water and sanitation a reality for much more people in Sierra Leone.”
    Last year, the United Nations adopted the Sustainable Development Goals (SDGs), including hygiene for the first time in the global agenda. One of the SDG targets is to achieve ‘access to adequate and equitable sanitation and hygiene’ by 2030. This underlines the importance of this project and the strides the Government of Sierra Leone is making in the WASH sector, with UK Aid support. 

    Distributed by APO on behalf of UNICEF Sierra Leone.

    Media files
    UNICEF Sierra Leone
    Download logo

  • Mozambique – Italy-Mozambique Jazz Festival attracts big audiences

    The Italy-Mozambique Jazz Festival is back and ready to enliven the nights of Maputo. Now at its 12th edition, the musical kermesse is considered a consolidated event that further cements the ties of friendship and cultural exchange between the two countries also by promoting a fruitful interaction between Italian and local musicians. The Festival opening event, hosted at ‘Spazio Italia’, a structure promoting Italy and managed by ICE, Italy’s Trade Agency office in Maputo, was a great success with its large audience, just like the second performance hosted at the Italian restaurant ‘Campo di Mare’.

    The concert by Danilo Gallo Dark Dry Tears Quartet, performing together with two acclaimed national artists, guitarist Joao Chabral and Chude Mondlane and her band, was a big hit. The Italian musicians also delivered a masterclass at the Communication and Art School (ACA) of the Maputo University “E. Mondlane”, which was greatly appreciated by the school’s teachers and students alike.

    Distributed by APO on behalf of Ministry of Foreign Affairs of Italy.

    Media files
    Ministry of Foreign Affairs of Italy
    Download logo

  • Press release on Somalia signing the Indian Ocean Rim Association (IORA) charter and formally becoming a member State

    On October 27, The Minister of Foreign Affairs and Investment Promotion of the Federal Republic of Somalia, H.E. Abdusalam H. Omer signed the Indian Ocean Rim Association (IORA) charter during the Council Ministers’ (COM) Meeting in Bali, Indonesia on behalf of the Federal Republic of Somalia. The signature means that the Federal Republic of Somalia is formally a member of the Indian Ocean Rim Association (IORA) which promotes trade and diverse cooperation in many fields including Maritime Safety and Security, Trade and Investment Facilitation, Fisheries Management and Tourism and Cultural Exchanges.

    In his Statement H.E. Abdusalam H. Omer highlighted that Somalia is an important member in the Indian Ocean Region and enjoys strong partnerships with almost all of the IORA member States and through our membership we endeavor to strengthen these further whilst establishing and nurturing new relations with other valuable partners in all areas of mutual interest.

    The Minister also added that “Somalia as a member State seeks to both contribute and benefit from the partnerships within IORA to advance Somalia’s great economic potential both at sea and in land”.

    The Federal Republic of Somalia is committed to the empowering principles of the IORA charter which is built on partnerships and a common endeavor for a more interconnected, interdependent and prosperous Indian Ocean region.

    Distributed by APO on behalf of Ministry of Foreign Affairs and Investment Promotion – Federal Republic of Somalia.

    Media files
    Ministry of Foreign Affairs and Investment Promotion - Federal Republic of Somalia
    Download logo

  • Australia Awards Fronting African Development Through Education

    The Australian Government, has selected and awarded professionals from 11 African countries with Australia Awards Scholarships at Masters Level, who will undertake their studies at various Australian universities from January 2017. Eight successful applicants from South Africa, twelve from Botswana and eight from Mozambique have received scholarships in diverse fields including Agriculture, Natural Resource Management, Health and Public Policy.

    In order to prepare the recipients to live and study in Australia, the Australian Government will host a two-day workshop and a Congratulatory Reception for the scholarship recipients in Pretoria, South Africa. At the workshops, recipients will be thoroughly briefed on how to successfully relocate to Australia and how best to approach their studies. They will also discuss the development projects they hope to implement once they return home.

    Ms. Tholokuhle Sithole from South Africa who will be undertaking a Master of Public Policy says: “I appreciate this opportunity to be a South African ambassador in Australia; and look forward to learning best practices in terms of policy development, policy evaluation and policy analysis – which are scarce skills in the South African public sector”.

    The Australian High Commissioner in Pretoria, HE Adam McCarthy, will address recipients at a Reception on 28 October 2016. Staff of Australia’s High Commission and government officials from South Africa, Botswana and Mozambique will also attend both the meetings and Reception.

    “The Award recipients have demonstrated the leadership potential necessary to advance development in Africa. Indeed, we are delighted that through our Australia Awards program, their talent and expertise will be nurtured and they will be in a position, on their return home, to make an important contribution to national and regional development,” said HE Adam McCarthy.

    Women and persons with disability are strongly encouraged to apply for the Australia Awards. Mechanisms are in place to support the participation of applicants and Awardees requiring assistance. The latest application round for Australia Awards Scholarships and Short Courses is currently open until 15 December 2016 and 15 January 2017, respectively.

    More information on Australia Awards – Africa is available on the website:

    Distributed by APO on behalf of Australian Department of Foreign Affairs and Trade.

    Media files
    Australian Department of Foreign Affairs and Trade
    Download logo

  • 9th Annual Joint Consultative Meeting between the African Union Peace and Security Council and the European Union Political and Security Committee

    On 25 October 2016, the African Union Peace and Security Council (AU PSC) and the European Union Political and Security Committee (EU PSC) held their 9th Annual Joint Consultative Meeting in Brussels, Belgium, as part of their regular dialogue within the framework of the Africa – EU partnership. The meeting was co-chaired by Ambassador Catherine Muigai Mwangi (Kenya), Chairperson of the AU PSC for the month of October 2016, and Ambassador Walter Stevens, Permanent Chair of the EU PSC. The Joint Meeting brought together  the Ambassadors of EU PSC and AU PSC Member States, Commissioner for Peace and Security, Ambassador Smail Chergui, the Deputy Secretary General of the EU External Action Service, Ambassador Jean-Christophe Belliard, the Deputy Director General of the EU Commission (DEVCO) as well as Senior Officials from  the AU Commission, the EU External Action Service, the EU Commission and the EU Council Secretariat.  

    The Joint Consultative Meeting was preceded by an informal Joint Retreat of the AU PSC and the EU PSC, held on 24 October 2016, which provided a platform for an informal exchange on countering terrorism, radicalisation and violent extremism, as well as on migration.

    Both meetings took place in a constructive atmosphere, facilitating substantial exchange and the convergence of approaches on different topics. The discussion during the Joint Consultative Meeting focused on conflict and crisis situations in Africa namely, Democratic Republic of Congo, Central African Republic, Somalia, Sahel/Mali, South Sudan, Burundi and Guinea Bissau, as well as the enhancement of AU and EU cooperation on peace and security issues and the support to AU activities in these areas.

    On the Democratic Republic of Congo, where both the AU and the EU are members of the support Group to the facilitation of Dialogue, the AU PSC and the EU PSC agreed on the need to avoid recurrence of violence. They acknowledged progress made with the Agreement signed on 18 October 2016 resulting from the Dialogue facilitated by Mr. Edem KODJO, the AU Facilitator for the National Dialogue in the Democratic Republic of Congo. This Agreement should pave the way to a more inclusive process with the Congolese political stakeholders who did not participate in the Dialogue, in order to broaden support for a peaceful roadmap towards elections in the country. The AU PSC and EU PSC stressed that the elections should be inclusive and transparent and that respect for the Constitution must be ensured, taking into account the provisions of the Agreement. They further called on the leadership and the opposition to seek necessary compromise for the peace, stability and democratic consolidation in the DRC as well as drew attention to the persistent insecurity in the east of the country.  

    On the Central African Republic the AU PSC and the EU PSC, while acknowledging the impressive progress made by the Government in post-conflict stabilisation during the last three years underlined that the situation remains fragile. They agreed on the need for substantial reforms in CAR, in particular in the fields of Security Sector Reforms (SSR), Disarmament, Demobilization, the creation of integrated national army, DDRR,  reconciliation, as well as on the continued need for assistance from its neighbours and international partners. To this end, the upcoming Brussels Conference on CAR on 17 November 2016, co-chaired by HRVP Mogherini and CAR President Touadera, will b-e a key event in CAR’s attempt to secure stronger international support. The AU PSC and EU PSC welcomed the outcome of the 9thInternational Contact Group on CAR (ICG-CAR) held on 25 August 2016, which transformed the ICG-CAR into an International Support Group for the CAR and underlined the need for close coordination of efforts on the ground between the AU, EU and the UN.

    On Somalia, the AU PSC and the EU PSC agreed that a continued strong engagement to support the political process leading to democratisation and federalisation, and the fight against Al Shabaab, will remain the priorities for the AU and the EU. They also agreed on the need for the Somali leadership to adhere to the agreed electoral timelines and, equally important, to observe standards for a credible and legitimate process, including respecting the quota reserved for women. The electoral process should be a milestone towards a more democratic and federal state. The AU PSC and the EU PSC also stressed the need to progress on the security sector and to build sustainable national security architecture with balanced federal and regional forces that would allow AMISOM transition as agreed. They emphasized the need for timely support these efforts and in particular also the financial support to AMISOM. They also underlined the importance of visible peace dividends for the population of the liberated areas. 

    On the Sahel/Mali, the AU PSC and the EU PSC expressed their deep concern with the increase in terrorist activities, in particular the spreading of terrorist attacks and violent extremism to the centre and south of Mali, as well as in the Sahel region as a whole, with a potential spill-over effect on the whole sub-region. They reaffirmed their commitment to supporting the implementation of the peace agreement and called on all the stakeholders, particularly the Mali Government and armed groups to ensure its effective implementation. Moreover, they agreed on the need to strengthen cooperation with the G5. The AU PSC and EU PSC underscored the importance of the Nouakchott Process, as a key platform for information sharing and coordination in the fight against terrorism in the Sahel. The AU PSC and the EU PSC commended the progress made by the Multinational Joint Taskforce (MNJTF) in combating the Boko Haram terrorist group and expressed their willingness to continue working closely together in further supporting the MNJTF in its efforts in combating terrorism in the Sahel. They also stressed the need to address the root causes of terrorism as well the tremendous humanitarian needs in the region. They took note of the proposal by the Sahel countries to mobilise a regional force to combat terrorism.

    On South Sudan, the AU PSC and the EU PSC expressed alarm at the deep crisis that the country continues to face on many fronts namely, security, humanitarian, political, economic and developmental. They reaffirmed their continued engagement in order to avoid an outbreak of renewed violence, especially at the end of the rainy season. To this end, the Transitional Government of National Unity should facilitate the immediate deployment of the Regional Protection Force, lift restrictions on operations of United Nations Mission in South Sudan (UNMISS) and all sides should ensure unhindered humanitarian access and respect international humanitarian law. The AU PSC and the EU PSC called for a more inclusive political process in the country. They were pleased that the AU Commission has started work on the Hybrid Court, transitional justice and reconciliation and healing, and stressed the importance of establishing other institutions for the promotion of healing, reconciliation and nation building as provided for in Chapter V of the Agreement on the Resolution of the Conflict in the Republic of South Sudan, while reiterating the urgency of establishing this institution without delay. They welcomed the work of the Joint Monitoring and Evaluation Commission.

    On Burundi, while noting the AU PSC assessment during its visit to the country in June 2016, that the security situation has improved in the country, the AU PSC and the EU PSC expressed their continued preoccupation with the security situation in the country and encouraged efforts to continue improving it. They agreed to remain seized with the matter.  They also agreed that the East African Community (EAC) facilitation needs to succeed on the understanding that only an inclusive dialogue can bring a viable solution. The AU PSC and EU PSC commended the mediation efforts deployed by President Yoweri Museveni of Uganda, the EAC Mediator and former President Benjamin Mkapa of Tanzania, EAC Facilitator in the Inter-Burundian Dialogue. They expressed hope that the report of former President Mkapa, to the recent EAC Summit, and the response of Heads of State, can accelerate the process. They called on Government and opposition to engage genuinely in the Dialogue. Moreover, they agreed on the need for the full deployment of AU observers in the field, both civilian and military.  

    On Guinea-Bissau, the AU PSC and the EU PSC welcomed the recent agreement on a consensual solution to the political impasse the country, and underscored the key role played by Economic Community of West African States (ECOWAS) on this achievement. They stressed the need for all political actors in Guinea Bissau to engage in good faith to implement and take forward the agreement, including the installation of an inclusive government, in order to ensure stability, functioning institutions and economic recovery.

    And finally, on enhancing EU-AU cooperation on peace and security issues, the AU PSC and EU PSC renewed their commitments to enhance cooperation between both continents, with a view to consolidating peace where it has been restored. They underscored their determination to further deepen the existing partnership that aims at promoting peace and security and at preventing crises and conflicts, as well as providing support to peacebuilding and post-conflict reconstruction efforts on both continents.

    The joint consultative meeting concluded with a debrief by the AU PSC on the AU Peace Fund and the outcome of the Extraordinary Session of the Assembly of the African Union on Maritime Security and Safety and Development held in Lomé, Togo on 15 October 2016. They also received an update from the EU PSC on the Portuguese Presidency of the G7++ Friends of Gulf of Guinea Group with respect to maritime security issues.

    The AU PSC and EU PSC agreed to meet again in 2017 in Addis-Ababa, Ethiopia and to undertake a new joint field trip in the region. 

    Distributed by APO on behalf of African Union Commission (AUC).

    Media files
    African Union Commission (AUC)
    Download logo

Join our mailing list

If you would like Independent, Informative and Invaluable news analysis on the African continent, delivered straight to your inbox, join our mailing list.

Help us deliver better content