Tunisia’s Wifak International Bank, which specializes in Islamic banking operations, closed its first bond issue in accordance with the principles of Islamic finance on June 28, 2019, raising 15.2 million dinars. 

This operation, whose subscription period started May 10, was arranged by Stock market intermediary Maxula Bourse. The 15.2 million dinars, provided by about 400 subscribers (individuals and legal entities), will be used to strengthen the bank’s equity capital and meet its medium- and long-term commitments.

Wifak International Bank will use part of these funds to provide loans in accordance with the principles of Islamic finance to individuals and companies in Tunisia. At the end of the first quarter of 2019, the financing granted by the bank to its customers reached 403.8 million dinars, up 44% compared to the same period in 2018. 

Chamberline Moko