Nigeria's Moove Makes Debut Sukuk Offering Worth USD 30 Million via Private Placement 

Nigeria's Moove Makes Debut Sukuk Offering Worth USD 30 Million via Private Placement 

https://islamicmarkets.com/articles/nigeria-s-moove-makes-debut-sukuk-offering-worth-usd-30-million
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Nigeria-based Moove announced plans to raise USD 30 million through a debut Sukuk (Sukuk al-Istisna) offering made via private placement, as per a statement on the 8th of December 2022.

Why it Matters?

The funds will be used by Moove to expand to 2,000 Electric Vehicles (EV) in the United Arab Emirates (UAE) over the upcoming year. It is anticipated that this fleet of EVs will help cities like Dubai achieve their Net Zero goals by reducing carbon dioxide emissions by over 5,000 metric tonnes annually. According to Mohieddine (Dino) Kronfol, Chief Investment Officer of Global Sukuk & MENA Fixed Income at Franklin Templeton, the deal promotes the growth of the UAE’s fintech and mobility ecosystems, and it will eventually expand to other markets...