1st regional consultation on Sukuk Model Law held

The first workshop on the Sukuk Model Law was held in Dakar, Senegal, recently. The event was organzied by the Islamic Development Bank (IDB) and the Islamic Research and Training Institute (IRTI), in partnership with the Central Bank of West African States (BCEAO).
A number of experts, including senior officials of regulatory authorities and finance officials from the eight BCEAO member countries, participated in the event.
Specialist law firms and consultants with expertise in Sukuk and Islamic finance from the various jurisdictions also participated in the project.
This was the first of the four regional consultations that are an integral part of the Sukuk Model Law Project currently under execution by the IDB.
The project aimed to create a model Sukuk law and guidelines that leverage global best practices and allows IDB member countries and other jurisdictions a basis for creating a sustainable 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 best global practices to facilitate newcomers to Islamic finance.”