The Islamic Research and Training Institute (IRTI) and the Islamic Development Bank (IDB) Legal Department have organized a regional consultation workshop on the Sukuk Model Law, in partnership with the Central Bank of West African States (BCEAO).
The workshop was held at the BCEAO headquarters in Dakar, Senegal from 23-24 January 2017. Participants included senior officials of regulatory authorities and Ministries of Finance from the eight BCEAO member countries, namely Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo, as well as from Gabon, Gambia, Guinea-Conakry, Kenya, Mozambique, Nigeria, Sierra Leone, South Africa and Uganda. Specialist law firms and consultants with expertise in Sukuk and Islamic finance from the various jurisdictions also participated in the workshop.
This was the first of four regional consultations that are an integral part of the Sukuk Model Law Project currently under execution by the IDB. The objective of the Project is to create a model Sukuk law and guidelines that leverage global best practices and allow IDB member countries and other jurisdictions a basis for creating a sustainable and enabling legal framework for Sukuk issuance and regulation. Subsequent regional consultations are planned for South East Asia, Central Asia and the MENA regions.
Speaking on the occasion, IRTI Director General, Prof. Mohamed Azmi Omar, said, "The workshop reaffirmed the importance of Sukuk as an emerging yet increasingly significant instrument of resource mobilization globally and for the Sub-Saharan African region in particular. The deliberations highlighted the need for collating the experiences, expertise and global best practices to facilitate newcomers to Islamic finance."