In accordance with the principles of Islamic finance and supported by tangible assets, Sukuk is attracting more and more States in search of sustainable financing solutions. This “interest-free obligation” allows capital to be mobilised while respecting the ethical precepts of many investors. At the time of its first issue, the Senegalese State raised 405 billion CFA francs in 15 days, nearly three times the initial target of 150 billion. In the wake of this success, the government is now aiming to mobilise 600 billion CFA francs via the Sukuk by 2030. However, some actors remain skeptical.. Limited understanding: a part of the population still knows the mechanisms (Ijara, Mudaraba, Murabaha…) and hesitates to invest. Ethical reservations: some consider that these titles, neither classical obligations nor actions, have not benefited from a sufficient pedagogy. The Government deplores the fact that many Senegalese, desirous of financing the national development according to their values, were unable to participate. Le Sukuk is particularly effective for financing infrastructure, energy or education. Between 2014 and 2022, nearly 1 100 billion CFA francs were raised on the Senegalese Islamic markets. The device makes it possible to link each emission to one or more specific assets, which enhances transparency. In September 2022, the adoption of a specific law simplified the structuring and issuance of Sukuk, both for the State and for companies. This text aims to support projects with a strong socio-economic and environmental impact. The Prime Minister has recently announced the study of new Sukuk emissions in future finance laws.
Sukuk au Sénégal: towards an ethical and sustainable financing
