(Ecofin Agency) - In a release published on April 29, 2019, the Wifak International Bank announced that it has received the approval of a TND10 million ($3.3 million) sukuk issuance. This amount could be increased to TND20 million.

In the framework of that operation, 100,000 bonds of a nominal value of TND100 each will be issued.

The subscription period is May 10 to June 30, 2019. The operation is aimed at reinforcing the bank’s stable resources to reach a liquidity ratio above 100% and fund the investment budget.

In December 2018, Wifak International Bank announced that it would issue TND150 million in a 3-year sukuk to fund its operations (following a government edict of June 2, 2018, authorizing the issuance of corporate sukuks).

Wifak International Bank was founded in 2015 after Wifak Leasing was transformed into a universal bank specialised in Islamic banking.