Middle East Economic Survey
Central Bank Issues Yemens First Sukuk
The Central Bank of Yemen (CBY) launched the countrys first shari'a-compliant bond in mid-February and plans to issue additional Islamic bonds to make a total of $500mn this year, state news agency SABA reported. The first sukuk, issued on 12 February, are valued at YR4bn ($18.8mn) and will be used to finance three local road projects. The Islamic bonds will provide medium term financing for...