Dubai - Mubasher: Africa Finance Corporation (AFC) has carried out an Islamic financing transaction on the Murabaha platform of Nasdaq Dubai, with a total value of $150-million.

According to a statement issued Saturday, the transaction’s initial issuance of $100 million was oversubscribed by more than double, which increased the size of the final issuance to $150 million, with a final order book of around $230 million.

This is the second Islamic finance deal for AFC, which accepted a $50 million 15-year line of financing from the Islamic Development Bank (IDB) in 2015 to finance Islamic Finance-compliant projects located across the numerous African IDB member countries.

It is worth noting that Moody's Investors Service assigned an A3 senior unsecured rating to the privately placed Murabaha Sukuk in 24 January 2017.