Tunisia Planning Inaugural Sukuk Issuance of up to TND 300 Million in 2021: Finance Minister

Tunisia is planning to issue its inaugural Sukuk by July 2021, according to media reports. Ali Kooli, Finance Minister of Tunisia, stated in a recent interview that the Islamic financing facility will mobilise up to TND 300 million (USD 111 million).

The Sukuk issuance is part of Tunisia’s financing strategy for its 2021 budget, which aims to offer financing alternatives to the country. Media reported that Tunisia’s economy was under crisis, marked by a high level of debt amounting to 90% of gross domestic product.

Tunisia has attempted to resort to Islamic finance for development projects previously. According to media reports, since 2015, the country had hoped to raise TND 1 billion (USD 370 million) through Islamic financing, but this has been delayed...