Tunisian government partners with CSBI to develop Islamic Finance

May 01, 2012

Dr Hassen Hamed Hassani, President of the High Council of Islamic Banks, announced during a visit to Tunisia last week that the CSBI will work with the Tunisian government to fund several private and public development projects using Islamic financing.

Dr Hassen Hamed Hassani, President of the High Council of Islamic Banks (Conseil supérieur des banques islamiques
- CSBI), announced during a visit to Tunisia last week that the CSBI will work with the Tunisian government to fund several private and public development projects using Islamic financing.

"We've already held a series of meetings with various members of the government including the ministers of finance, transport, investment and international cooperation, regional development and the Head of Government Hamadi Jebali, and we now have to examine a list of projects," he told La Presse newspaper.

Chief Executive of Al Baraka Banking Group Adnan Ahmed Yousif confirmed earlier this month that the Tunisian government plans to issue the country's first Islamic bond this year.

"I believe Tunisia has the potential to become the Islamic finance hub for Africa. It's working towards having all the requirements needed for that," he told Reuters.

The Islamic finance sector is currently worth around $1 billion (€766,5 billion) and should reach $1.8 billion in 2016, according to figures from the African Development Bank.

However, in Tunisia, the lack of a specific legal frame regarding Islamic banking law may have hampered the development of these banking services, the Tunisia-Live news website stated, adding that Tunisia comes 23rd in world rankings of Sharia-compliant assets, with $800 million out of $36 billion globally.ADNFCR-2976-ID-801353547-ADNFCR