The Cabinet has recently allowed Al Rajhi Group to issue Islamic Sukkuk (bonds) to expand its investments in the Kingdom. The government requested the group to coordinate with the Iftaa Department and to sell the bonds to local banks in order to obtain…
Finance Minister Mohammad Abu Hammour on Sunday stressed the importance of Islamic sukuk describing them as strategic for the government. He said the government is interested in issuing sukuk as soon as possible indicating that at present, there is a legislative obstacle which precludes the issuance of such financial instruments. According to the minister, the government will examine means to overcome this barrier without having to introduce any legislative amendments.
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