The Central Bank of Yemen, has launched the country's first sukuk issue and plans to issue additional Islamic bonds worth $500 million this year, the official Yemen News Agency Saba reports Saturday.
The sukuk, issued Saturday, are valued at 4 billion Yemen rials ($18.74 million) and will be used to finance three local road projects, Saba reports.
The Islamic bonds will provide medium-term financing for local development projects and they will be an acceptable substitute for treasury bills, Mohammed Bin Hammam, the central bank's governor said according to the news agency.
Yemen is seeking to issue, through its central bank, sukuk worth $500 million by the end of the current year, the news agency says.
source: Zawya Dow Jones