Loading…Loading…Loading…Loading…Country guide · OIC member state
Togo, a coastal West African country and an OIC member since 1997, turned to Islamic finance in 2016 with its first sovereign sukuk, "SUKUK État du Togo 6,5% 2016-2026": 150 billion CFA francs over ten years, launched with the Islamic Corporation for the Development of the Private Sector (ICD) of the Islamic Development Bank Group to fund economic and social development projects.
As a member of the West African Economic and Monetary Union (WAEMU), Togo applies the Islamic finance rules of the regional central bank, the BCEAO, which came into force in 2018 for banks and microfinance institutions. This guide lists the institutions behind each part, with their pages on Wasabih.
The regional central bank that sets the rules, and the IsDB Group institution behind Togo's sukuk.
🇸🇳 Dakar, Senegal
Central bank of the West African Monetary Union, headquartered in Dakar. It issued the 2018 rules for Islamic finance in banks and microfinance institutions and accepts sukuk at its refinancing windows.
Yes. In 2016 Togo launched its first sovereign sukuk, "SUKUK État du Togo 6,5% 2016-2026", for an indicative 150 billion CFA francs over ten years at 6.5% a year.
The Islamic Corporation for the Development of the Private Sector (ICD), the private-sector arm of the Islamic Development Bank Group. Investors bought units of a securitisation fund.
The BCEAO, the central bank of the eight WAEMU countries, sets the rules for Islamic finance by banks and microfinance institutions; the WAEMU Banking Commission supervises the banks.
Togo has no national Halal law or authority. Exporters should use certification bodies recognised by their buyers' countries.
Togo has been a member state of the Organisation of Islamic Cooperation since 1997.
Part of the Halal economy in Togo?
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