Senegal has issued on June 20, a new sukuk amounting to FCFA150 billion with a 6%/yr margin of profit paid each six months for 10 years, and a grace period of 2 years.

Entitled Sukuk Etat du Senegal 6% 2016-2026, the bond was certified as conform to Islamic regulations by the Sharia Board of the Islamic Development Bank.

According to news release published by Compagnie de gestion financière et de bourse (CGF), subscription will extend to July 19, 2016 with possibility of anticipated closure.

The issuance is backed by assets comprising the Leopold Sedar Senghor international airport which covers 115 ha. This includes departure and arrival halls, General Management’s buildings, parkings, hangars and annex buildings.

Senegal in June 2014 became the first in the West African Economic and Monetary Union (WAEMU) to issue a sukuk, for FCFA100 billion.

According to the regional agency for UMOA securities debt planning, Senegal plans to issue a total of FCFA690 billion of bonds on the WAEMU market in 2016.