Chazi, Rao & Syed: Tapping Funds for Development – A Case for Sukuk Financing


It is a well-known fact that the infrastructure in many African countries is woefully inadequate. This has persisted for many decades despite the fact that these countries are rich in natural resources. We argue that Islamic bonds may provide a panacea for this chronic problem. This paper presents alternative Sukuk structures that can be considered for this purpose. It is our firm belief that if properly structured, Sukuk can be used as a catalyst for the development of infrastructure projects in African countries.

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