Sudan plans second sukuk bond offer

Jul 04, 2012

Sudan Financial Services Company has confirmed that another sukuk bond offer will soon be announced.

Sudan Financial Services Company has confirmed that another sukuk bond offer will soon be announced.

According to Osama Saeed, head of the group's research and statistics division, no decision on the amounts has yet been reached yet, but they could be issued before the end of this month.

Speaking to Reuters, he confirmed that a third round could then be made available shortly thereafter.

This could prove popular after the latest issue of sukuk bonds raised more than €127 million. Mr Saeed revealed it was "fully subscribed", with individuals, businesses and commercial banks all showing lots of interest.

The move is likely to represent a boost to the Sudanese economy at a time when it is looking to overcome losing revenues from crude oil supplies to the newly independent South Sudan.

Since the fuel represented a significant contributor to the country's wealth, issuing sukuk bonds is seen as a good way to fill the government's coffers and make up the shortfall.

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