(Ecofin Agency) - Morocco will issue its first bonds on Islamic market this year, Bloomberg reports today April 10.

According to Hicham Talby, head of the finance ministry’s treasury department, the country plans to issue four dirham-denominated sovereign sukuk.

While the first issuance would take much time than envisaged due to the implementation of a legal framework for the operation, authorities expect the process to be faster for the three other issuances planned. Therefore, the latter should be issued few months following the first one. No figure was however given on these bonds' value.

For the record, global sukuk issuance amounted to a record figure of $55.7 billion in 2017.

Let’s recall that Mali has already launched its first sukuk issuance for 2018. Likewise, South Africa and Sudan have recently announced their intention to follow the move in 2018.

Let’s also recall that the Moroccan government wants to establish a sovereign sukuk fund, ahead of an increase in dirham-dominated Islamic bonds, over the coming years.

Moutiou Adjibi Nourou (intern)