Tunisia sets up task force with Nasdaq Dubai

Nasdaq Dubai and the government of Tunisia, together with Bourse de Tunis, have set up a task force to pave the way for Tunisia’s first ever issuance of a Sukuk.
The task force is considering the commercial, legal and regulatory issues, including Sharia-compliance, so that Tunisia can create a solid framework for capital-raising through selling Islamic bonds to domestic and international investors.
Nasdaq Dubai is providing the task force with global expertise, as the world’s largest exchange for Sukuk listings. Tunisian members of the task force include the Head of Government’s Office, Ministry of Finance, Ministry of Development, Central Bank, Financial Market Council and Bourse de Tunis.
Commenting on the announcement, Hamed Ali, Chief Executive of Nasdaq Dubai, said, "We greatly appreciate this opportunity to add our experience to the task force, drawing on our expertise in working with issuers and their advisers to bring Sukuk listings to the exchange from across the MENA region as well as East Asia. Tunisia’s commitment to issuing Sukuk will play an important role in the continuing global expansion of the sector, as more countries and more investors make use of its benefits as an effective Sharia-compliant capital markets tool."
Bilel Sahnoun, Chief Executive Officer of Bourse de Tunis, said, "The task force will work speedily and thoroughly, to help us create a robust infrastructure for Sukuk issuance that will give the government and Tunisian private sector a valuable new tool for raising capital. Tunisia’s entry into the Sukuk sector will promote international and domestic investment and confidence in our economy that will help to fund our national growth and development."
In March 2017, Nasdaq Dubai and Bourse de Tunis signed a Memorandum of Understanding for collaboration on listings and Islamic finance solutions.

Source: WAM