Morocco will issue Islamic bonds (sukuks) during the first week of October 2018, Faouzia Zaaboul, treasury and external finance manager at the country’s economy ministry told Telquel.

The ministry has been busy studying “the market’s appetite for such investments”. The amount of this operation which will be steered by the new finance and economy minister Mohamed Benchaâboun, has not been set yet.

The treasury manager assured that this amount would not be less than MAD1 billion (abou$106 million). The sukuks which will be issued as Ijara backed by state-owned assets will be mainly used as investments by the participating banks because they are unable to invest their funds in classic assets like treasury bonds.