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Apr 02 2012

EXCLUSIVE: Yemen sells first salam sukuk worth YER50bn

By Adnan Halawi of Zawya The Central Bank of Yemen sold its first sukuk under the salam program worth YER 50 billion (USD 232 million) marking the country's return to the sukuk market this year.

The one-year sukuk was issued on April 1, 2012, and matures on April 2, 2013. The Shariah structure is approved by the Shariah Supervisory Board of the Central Bank, Kamal Al Rabie, head of the sukuk unit at the central bank, told Zawya in a phone conversation. The sukuk offers a return of 15% to 18%, according to Rabie.

The Yemeni government is keen to issue sukuk and take part of the growing industry in the region. Last year, Yemen sold YER 4 billion sukuk Istisnaa, according to Zawya Sukuk Monitor, which carries a tenor of two years and matures in February 2013.

Rabie indicated that Yemen's next sukuk issue could come as early as July 2012.

© Zawya 2012

© Copyright Zawya. All Rights Reserved.


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