Senegal is trying to position itself as a center for Islamic finance in West Africa, where about 52 percent of the population is Muslim, as the government pursues changes that will enable the first sales of sukuk.
Senegal still needs to adjust its policies to be able to sell debt that complies with Islam’s ban on interest after postponing a plan last year to sell such bonds, said Mouhamadou Lamine Mbacke, managing director of the African Institute of Islamic Finance, a Dakar-based company that advises governments and financial institutions and is working with the authorities on the rule changes. About 95 percent of the nation’s population of 12.7 million is Muslim……………………………………Full Article: Source