IslamicFinance.de

Hogan Lovells has advised the Islamic Corporation for the Development of the Private Sector (ICD), as arranger, on the inaugural CFA150 Billion sukuk offering by the Government of Côte d'Ivoire. The sukuk is an amortising sukuk al-ijara and is targeted at local banks and institutional investors. It mirrors the successful Senegal sukuk that Hogan Lovells advised on in 2014. Hogan Lovells' team was led by Global Head of Islamic Finance, Rahail Ali and Partner Imran Mufti. They were assisted by Partner Baptiste Gelpi, International Debt Capital Markets, Paris and Lina Bugaighis, Dubai. Hogan Lovells is an international legal practice that includes Hogan Lovells International LLP, Hogan Lovells US LLP and their affiliated businesses.

The Islamic Development Bank (IDB) has confirmed that it would provide financing worth $1 billion on the basis of an agreement to carry out various development projects in Cote d'Ivoire during the next two years. Cote d'Ivoire President Alassane Ouattara said that his country is looking forward to greater cooperation and partnership with IDB in various fields including capability building for sukuk in order to mobilize resources for development. The president also sought IDB loans to finance the country's infrastructure projects. The meeting saw the signing of a loan agreement worth $15 million to establish a vocational training center in the country.

S&P Indices made an anouncement that a new Index will be launched due to increase in the demand for a shariah-compliant benchmark in Islamic countries. The new S&P/OIC COMCEC 50 Shariah Index will measure the performance of 50 leading Shariah-compliant companies from members of the Organisation of Islamic Cooperation (OIC). Eligible countries and territories for the Index are: Bahrain, Bangladesh, Côte d'Ivoire, Egypt, Indonesia, Jordan, Kazakhstan, Kuwait, Lebanon, Malaysia, Morocco, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates.