23-05-2025
Algeria plans sukuk issuance in June to fund projects
Algeria intends to issue its first sovereign Islamic bonds (sukuk) in June to fund infrastructure and other domestic projects, an official has revealed.
Arrangements for the first such investment tools in the North African OPEC member have reached 'very advanced stages', said Ruzaika Mikatli, director of the public debt office at the Algerian Finance Ministry.
'We hope that this process will be completed before the end of June…we have instructions from the high authorities in the country to accelerate this process,' Mikatli told Parliament this week.
In her comments, published by the local press, Mikatli noted that the 2025 budget law allows the Finance Ministry to issue sukuk for the first time in Algeria to enable citizens and foreigners to fund local projects.
She said a committee created by the Finance Ministry and other relevant establishments is working to issue 'simple Ijarah sukuk' on the grounds they are the most common and easiest to understand for professionals and citizens alike.
Algerian officials said in October that key projects targeted by the Sukuk issuance involve infrastructure, schools, hospitals and facilities that will contribute to boosting growth and improving life quality for citizens in the country.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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