Nasdaq Dubai and the government of Tunisia, together with Bourse de Tunis, have set up a task force to pave the way for Tunisia’s first issuance of a sukuk.
The task force is considering the commercial, legal and regulatory issues, including Sharia-compliance, so that Tunisia can "create a solid framework for capital-raising through selling Islamic bonds to domestic and international investors", according to a statement cited by state news agency WAM.
Dubai’s sukuk listings have reached a total nominal value of $53.71 billion, the highest amount of any listing venue in the world.
Nasdaq Dubai said in the statement that it is providing the task force, which includes officials from Tunisia's Ministry of Finance, Ministry of Development, Central Bank, Financial Market Council and Bourse de Tunis, with global expertise.
Hamed Ali, CEO of Nasdaq Dubai, said: "Tunisia’s commitment to issuing sukuk will play an important role in the continuing global expansion of the sector, as more countries and more investors make use of its benefits as an effective Sharia-compliant capital markets tool."
Bilel Sahnoun, CEO of Bourse de Tunis, added: "The task force will work speedily and thoroughly, to help us create a robust infrastructure for sukuk issuance that will give the government and Tunisian private sector a valuable new tool for raising capital. Tunisia’s entry into the sukuk sector will promote international and domestic investment and confidence in our economy that will help to fund our national growth and development."
In March, Nasdaq Dubai and Bourse de Tunis signed a memorandum of understanding for collaboration on listings and Islamic finance solutions.
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