Sudan sells $160 million worth of sukuk

Sudan's latest issue of Islamic "sukuk" bonds was fully subscribed and raised the Sudanese pound equivalent of about $160 million, and two more such issues are planned this year to help make up for the loss of oil revenue, a debt official said. 

Sudan also hopes to sell $758 million of dollar-denominated sukuk, an offer which has already been partly subscribed, said Osama Saeed, head of the research and statistics section at Sudan Financial Services Company, which issues Islamic bonds on behalf of the government. 

Sudan's economy has been struggling since South Sudan declared independence a year ago under a peace deal, taking control of about three-quarters of the country's crude output. 

Oil brought in most of Sudan's state revenues and foreign currency, so the loss of the oil led to a budget deficit, a depreciation in the pound on the black market and a high rate of inflation for food and other goods, many of which are imported. 

(Business Recorder / 09 July 2012)

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