Dubai: Africa Finance Corporation (AFC) has carried out a $150 million Islamic financing transaction on the Murabaha platform of Nasdaq Dubai, the international financial exchange serving the Middle East and Africa.
The transaction was executed to facilitate the issuance by AFC of a $150 million Sukuk, which was the first US dollar Sukuk to be issued by any multilateral African institution. It was also the first use of Nasdaq Dubai’s fast-growing Murabaha platform by an African entity.
Following high levels of investor interest, the initial target of $100 million was more than twice oversubscribed, resulting in the transaction being upsized to $150 million and a final order book of approximately $230 million.
