The Bourse Régionale des Valeurs Mobilières (BRVM) has become the first stock market for Islamic Finance in Africa with five sukuk listings issued by Côte d'Ivoire, Senegal and Togo, amounting to 766bn FCFA ($1.3bn).

The first listing reflects the commitment of the BRVM for the development of Islamic finance in the Regional Financial Market WAEMU, the Exchange said on the sidelines of the 2nd Forum on Islamic Finance in Africa held in Abidjan.

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.

For His Excellency Daniel Kablan Duncan, Prime Minister, Minister of Economy, Finance and Budget of Côte d'Ivoire "the development of Islamic finance is a major focus for the development of the Regional Financial Market to finance growth of Côte 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, CEO of ICD, said: "This listing is one of the largest ever achieved worldwide and ICD is proud to be one of the actors."

BRVM is a fully integrated common electronic stock exchange for eight countries in West Africa: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.