Osun State has begun offering the country’s first Islamic bond, taking a major step towards developing an Islamic finance industry in Africa’s most populous nation, bankers said on Thursday. Osun’s issue of up to 10 billion naira ($62 million) of seven-year sukuk, denominated in local currency, will pay investors a fixed return of between 14.25 and 14.75 percent, according to a prospectus seen by Reuters.
Posted on: Fri, 20 Sep 2013 02:08:59 +0000