Algeria plans to issue a halal bond between April and May 2017, minister of finances, Hadji Babaami announced on February 27.

“We are studying a project to issue a new bond this year, interest-free however,” the official said on the sidelines of a council of the upper house of the Algerian parliament). According to him, maturity period for the bond goes over 3 years and its securities will not be eligible on the stock market.

Let’s recall that Algeria in April 2016 issued a national bond which helped capture 568 billion dinars ($5.1 billion).

Entitled “National Bonds for Economic Growth” (ENCE), the instrument aims to secure available and dormant resources to finance State-led investment projects. The bonds had two fixed interest rates depending on their maturity: 5% for 3-year bonds and 5.75% for 5-year bonds.