ISFIN partner De Gaulle Fleurance & Associés and Tchitchao Tchalim law firm advised The Republic of Togo on the issuance of its first Sukuk, for an amount of 156 billion CFA francs (about €237 million)


De Gaulle Fleurance & Associés and Tchitchao Tchalim law firm have advised The Republic of Togo on the issuance of its first Sukuk for an amount of 156 billion CFA francs (approximately €237 million).

The transaction has been arranged by Islamic Corporation for the Development of the Private Sector, member of the Islamic Development Bank Group, advised by Hogan Lovells and managed by Zakiyouhali Sow, who led the discussions with the Togolese Budget Minister Sani Yaya, who has become in the meantime Minister of Economy and Finance.
The Sukuk have been subscribed for an amount of 156 billion CFA francs by local and international investors.
Philippe Blaquier Cirelli has coordinated the team composed of Jean-Baptiste SantelliLaurence VanderstraeteNadia Chebbi and Malick Niang, together with the Togolese Law Firm, Tchitchao Tchalim.
After the Senegal and the Ivory Coast, the Togo is the third country in West Africa to issue Sukuk. The five Sukuk (including two for Ivory Coast and two for Senegal) issued by those countries have been admitted on October 18th 2016 in the listing of the Régionale des Valeurs Mobilières (BRVM) stock exchange in Abidjan.
For dealing with this sovereign financing, De Gaulle Fleurance & Associés leaned on its recognized expertise in Islamic Finance, developed for several years with banks, investments funds, multilateral organizations and industrial groups located in Europe, Africa and Middle East. De Gaulle Fleurance & Associés also relies on its perfect knowledge of the legal and regulatory environment of the Republic of Togo, and more widely of the UEMOA region.

Laurent MARLIERE, ISFIN CEO says that "Africa provides an amazing market for alternative finance, including Islamic finance. Other East and African states are looking at sovereign Sukuk but the private sector is also on our radar". Marliere adds that "De Gaulle Fleurance & Associés competence in Islamic finance is stellar and offers an alternative to an anglo-saxon approach in French-speaking Africa".

De Gaulle Fleurance & Associés is present every year in major international rankings, notably in M&A corporate, Financing, Healthcare & Life Sciences, Labour Law, Public & Commercial Law (Legal 500, Chambers, Leaders League).


ISFIN is the world’s leading platform for professional firms specializing in Islamic Finance, investments from and to the Muslim world and the Halal industry. The alliance covers more than 75 jurisdictions around the world. ISFIN’s membership is composed of the most innovative and highly regarded independent law firms, audit & accounting firms in their field.


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