Tunisia plans to issue Islamic bonds early 2013: cenbank

Sat Sep 29, 2012 12:21pm GMT
 

TUNIS (Reuters) - Tunisia plans to issue Islamic bonds early next year as the North African country seeks to reform its banking sector and diversify sources of funding, the central bank governor said on Saturday.

"Tunisia will begin issuing Islamic bonds early next year ... This is part of the draft budget for 2013," Tunisian central bank governor Chadli Ayari told Reuters on the sidelines of a banking seminar.

"There are studies under way for Islamic finance in the country, including issuing Islamic bonds."

Committees set up by the finance ministry, religious affairs ministry and the central bank are currently working on an Islamic finance law in order to establish Islamic banking in Tunisia, where there are only two Islamic banks.

Nadia Kamha, Director-General of the Tunisia central bank told Reuters the law would be ready "within weeks" and that it will be presented to the government for approval.

The moderate Islamist Ennahda movement is leading Tunisia's government after winning elections last year that followed the ousting of former President Zine al-Abidine Ben Ali.

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