Tunisia cooperates with Nasdaq Dubai for 1st sukuk issue

Tunisia cooperates with Nasdaq Dubai for 1st sukuk issue
Nasdaq Dubai's headquarter (Photo Credit: Arabianeye-Reuters)

Dubai – Mubasher: Nasdaq Dubai, together with Tunisian government and Bourse de Tunis, has set up a task force to help Tunisia condust its first sukuk issue, according to a statement.

The task force is considering commercial, legal, and regulatory issues including Sharia-compliance. This will help Tunisia create a solid framework for capital-raising through selling Islamic bonds to domestic and international investors.

The workshop included input from Norton Rose Fulbright law firm, Emirates NBD Capital, the investment banking arm of Emirates NBD, and Menacorp.

Tunisian members of the task force include the Ministry of Finance, Ministry of Development, Central Bank, Financial Market Council, and Bourse de Tunis.

“Tunisia’s entry into the sukuk sector will promote international and domestic investment, and confidence in our economy that will help  fund our national growth and development,” according to Bilel Sahnoun, CEO of Bourse de Tunis.

“Tunisia’s commitment to issuing sukuk will play an important role in the continuing global expansion of the sector,” the CEO added.

Nasdaq Dubai and Bourse de Tunis signed in March 2017 a memorandum of understanding (MoU) for listings and Islamic finance solutions.

Source: Mubasher