Posted by: African Daily Voice

Morocco will issue its first sovereign Islamic bond or sukuk worth of one billion dirhams (106 million U.S. dollars) on Oct. 5, the country’s Central Bank Governor Abdellatif Jouahri announced on Tuesday.

“We are in the testing phase. We missed the opportunity in 2010, but now we have to make it,” Jouahiri said in a press conference following the bank’s third quarterly board meeting.

In 2017, global sukuk sales reached a record of 55.7 billion U.S. dollars.

Last year, Morocco approved five requests to open Islamic banks in the country and allowed three other banks to sell Islamic products.

In June, Morocco adopted a decree allowing financial authorities to define different types of sovereign sukuk.