The implementation of the first sovereign Sukuk certificates in Morocco : 05/10/2018

The implementation of the first sovereign Sukuk certificates in Morocco

The Ministry of Economy and Finance announces the realisation, today, Friday October 5th 2018, of the first sovereign Sukuk certificates in Morocco. These Sukuk certificates are Ijara certificates and amounted to 1 billion dirhams, depreciable over 5 years.

These certificates provide an annual return of around 2,66%.

These Sovereign Sukuks backed by are a usufruct right, based on property assets owned by the State, for the benefit of the securitization fund initiated for this purpose. This fund conducts the leasing of its assets over a period of 5 years and the generated annual lease payments will be distributed to the holders of these Sukuk certificates.

This first emission was restricted to resident investors including mainly participatory and conventional banks, insurance companies, pension funds and the (OPCVM) «undertakings for collective investment in transferable securities». Subscription applications have reached close to 3,6 billion dirhams and of which 28% were provided, representing an oversubscription rate of 3,6 time.

Participatory institutional investors were provided with approximately 35%.

These Sukuk certificates are of major importance for the development of participatory financing in Morocco. They will enable the various actors of participatory financing to manage their liquidity and enhance the management of their resources. These certificates serve in general as a reference for financial actors and participatory financial actors in particular. For the State, this new tool will enable it to diversify its financial devices and broaden its investors’ base