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Amid a surge in sovereign debuts in the sukuk market last year, one region – perhaps unexpectedly – featured prominently: Africa.
First to the market was Senegal, the biggest economy in sub-Saharan Africa with a majority Muslim population after Sudan. Its CFAFr100 billion ($200 million) debut last June was Africa’s biggest-ever sovereign sukuk, attracting both local and international buyers. South Africa followed in September with a $500 million 5.75-year deal that was only the third-ever sukuk issued by a non-Muslim majority country, according to Standard Bank, one of the lead managers.
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