BRVM becomes 1st stock market for Islamic finance in West Africa

The Regional Stock Exchange (BRVM) admitted in its listing the first five sukuks issued by Cote d’Ivoire, Senegal and Togo, on the sidelines of the 2nd Forum on Islamic Finance in Africa held on Wednesday in Abidjan.
The first listing reflects the commitment of the BRVM for the development of Islamic finance in the Regional Financial Market in West African Economic and Monetary Union (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. 
Daniel Kablan Duncan, prime minister, minister of economy, finance and budget of Cote d’Ivoire said: “The development of Islamic finance is a major focus for the development of the Regional Financial Market to finance growth of Cote 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. 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.”
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.
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 Shariah. 
ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises.

Source: Arab News