The Philippines government planning to issue an Islamic bond or sukuk by the end of the year or Q1 2024, according to Rosalia de Leon, Treasurer of the Philippines

The sukuk is to carry a five-year or a ten-year maturity. This would mark the Philippines’ debut in the Islamic bond market.

The government is consulting underwriters for the details of the issuance, including its structure, which may be a hybrid Wakalah, Ijara or Murabaha, de Leon told reporters during the 2023 Philippine Economic Briefing in Dubai.

(Writing by Seban Scaria; editing by Daniel Luiz)