The first issue of sovereign sukuks planned for October

The first issue of sovereign sukuks will be made in the first week of October. With a minimum of one billion dirhams, this issue will be used for investments by participating banks. Sukuks will be issued in the form of Ijara, supported by real estate assets owned by the state.

Soufiane Chahid

thethe new Minister of Economy and Finance, Mohamed Benchaaboun, will try the first sovereign issue of sukuks. In the form of Ijara, the equivalent of Sharia-compliant leasing, this issue will take place in the first week of October, according to Faouzia Zaaboul, director of the Treasury and external finances at the Ministry of Economic Affairs.

The official explains that the amount of this issue has not yet been determined, because the ministry is still studying " the hunger of the market towards this type of investment "However, this amount will not be less than one billion dirhams, ensures our interlocutor.

One of the projects of the previous Minister of Finance, Mohamed Boussaïd, has seen this show several times and times. For example, Law No. 33-06 on the securitization of assets did not relate to sukuks issued by the state. Amendments were made by Bill 69-17 and adopted by the House of Representatives in extraordinary session on 27 March 2018, so that the legislative framework would enable the state to make use of this type of loan. .

This type of sukuk must be based on rental contracts. The collected rent will serve as revenue for holders of Ijara sukuks. IJara sovereign sukuks are supported by real estate owned by the state. For example, the Ministry of Finance has carried out a preparatory study to identify and locate the assets that lend themselves to this type of transaction.

The main purpose of this issue is to serve as an investment for participating banks. These banks can not place their funds on classic securities such as treasury paper. For example, Islamic Takaful insurance must make 30% of these funds mandatory in sukuks.

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