Tunisia’s parliament passes Islamic bond law

By bne IntelliNews July 18, 2013

The National Constituent Assembly approved a draft law allowing Islamic bond (sukuk) issuances, paving the way for the government to sell Tunisia’s first ever USD 700mn sovereign Islamic bond by end-2013, state news agency TAP reported. Some 102 deputies voted ‘yes’ for the law and just three voted ‘no’ in the Islamists-dominated assembly.

Tunisia’s ruling Islamic Ennahda is advocating Islamic finance as a key tool to raise much needed funds.

Tunisia’s government needs TND 5bn (USD 3.1bn) worth of external financing (both loans and aid) in 2013, according to central bank governor Chedly Ayari. Some TND 2bn will originate from the international debt market, including a TND 1bn Islamic bond, he said.

The IMF already approved a USD 1.74bn two-year Stand-by Agreement for Tunisia. In case the political situation stabilises further in H2 and the peak summer season yields good tourism income and arrivals, Tunisia’s GDP growth and current account balance will likely improve.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Lebanon becomes European Bank for Reconstruction and Development shareholder

Lebanon has become the fifth member country from the Southern and Eastern Mediterranean (SEMED) region to join the European Bank for Reconstruction and Development (EBRD), becoming a shareholder with ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

US lifts laptop ban on Turkish Airlines flights as of July 5

Passengers boarding an early morning July 5 Turkish Airlines (THY) flight to John F Kennedy International Airport in New York were allowed to include laptops and electronic devices larger than a ... more

Most Read

  1. Siemens considers quitting Russia
    10 days ago
  2. Wildfires hit Croatia and Montenegro’s Adriatic coast
    6 days ago
  3. Tajik president’s 23-year old daughter appointed deputy head of largest Tajik bank
    4 days ago
  4. Nato still has a mixed reception in Emerging Europe
    10 days ago
  5. MACRO ADVISER: It's the oil price, stupid
    7 days ago
  1. CHINA RISING: When sleeping giants meet
    13 days ago
  2. Belarus’ retail king Euroopt goes on the road
    18 days ago
  3. STOLYPIN: Russia’s cyber-challenge cuts both ways
    21 days ago
  4. Siemens considers quitting Russia
    10 days ago
  5. COMMENT: Gazprom’s exit from Turkey is a sign of the times
    10 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss