Wednesday, 24 February 2016

Banks: Tunisian Zitouna invests on Islamic finance

TUNIS, FEBRUARY 23 - Tunisian Islamic bank Zitouna was the first to succeed in placing on the national financial market in December 2015 the Islamic bonds sukuks for a value of 22.5 million euros. The result exceeded expectations - set at 20 million euros - the management of Zitouna said Monday at a Forum on Islamic finance held at Kram in Tunis.

The Forum was attended by several protagonists of the Tunisian economic and financial scenario like central bank governor, Chedly Ayari, the president of Cmf, Salah Sayel and former finance minister, Jalloul Ayed. Zitouna bank, on behalf of its president Ezzedine Khoja, has announced it is launching a new business plan in 2016-2020 with the objective of becoming the bank of reference in Tunisia and a leading Islamic bank in Africa. The emission of Islamic financial bonds, like the sovereign Sukuks, will consolidate the bank's funds and support growth, according to the central bank governor who stressed the need to support Zitouna's new project.

Ayari added that the sovereign sukuks are current practice also in a number of countries that are not Arab nor Muslim, like the UK and Ivory Coast, announcing that a new bill on banks will be examined soon in a government meeting. The new code on banks will include 207 articles with a chapter entirely dedicated to Islamic banks.

(Ansa Med / 23 February 2016)
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