SECURITIES INDUSTRY (SUKUK ISSUANCE) GUIDELINES 2026 – Securities and Exchange Commission Ghana

PART A: PRELIMINARY

These Guidelines set out the:
requirements for the structuring and documentation of sukuk issuance;
mechanism for supervising sukuk offerings including post issuance obligations by issuers and/or originators;
minimum standards of operation and disclosure by the issuer that aim to protect the interests of sukuk holders.

These Guidelines shall apply to Sukuk offerings that are made in Ghana and/or listed on an approved Securities Exchange in Ghana
An issue of sukuk under these guidelines shall be consistent with general non-interest finance principles, rulings and concepts approved by AAOIFI, IFSB or any other standard setter recognised by the SEC.
The SEC may, upon application and in relation to a case or class of cases for good cause, grant an exemption from the requirements of these Guidelines where the SEC is satisfied that such exemption or variation will not contradict the intended purpose of the relevant provisions in these Guidelines or there are mitigating factors which justify the said exemption or variation.
Where the SEC agrees to waive the full application or any part of these Guidelines, it may issue a directive that states alternative measures that shall be implemented by the issuer.
Where any doubt arises about the meaning of any provision contained in these Guidelines and any other Guideline issued by the SEC, the same shall be referred to the SEC and the interpretation provided by the SEC shall be final.