20 March 2012
Sana'a: Yemen, the Arab world's poorest country, plans to sell 50 billion rials ($232 million) of Islamic bonds early April to finance government projects, central bank Governor Mohamed Awad Bin Humam said yesterday.
The Central Bank plans to target Islamic lenders in the country, and may offer a profit rate of "little less" than 20 per cent, Bin Humam said from the capital Sana'a. Islamic bonds pay profit rates to adhere to the religion's ban on interest.
Yemen sold four billion rials of Islamic bonds in February 2011 to local banks, state-run Saba news agency reported at the time
Sana'a: Yemen, the Arab world's poorest country, plans to sell 50 billion rials ($232 million) of Islamic bonds early April to finance government projects, central bank Governor Mohamed Awad Bin Humam said yesterday.
The Central Bank plans to target Islamic lenders in the country, and may offer a profit rate of "little less" than 20 per cent, Bin Humam said from the capital Sana'a. Islamic bonds pay profit rates to adhere to the religion's ban on interest.
Yemen sold four billion rials of Islamic bonds in February 2011 to local banks, state-run Saba news agency reported at the time
© Times of Oman 2012
