Tunisia’s El Wifack plans to become Islamic bank

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Currently, sharia-compliant business accounts for just 2.5 percent of the Tunisian financial sector, according to a Thomson Reuters study this year, and there are only two fully operational Islamic banks, Zitouna Bank and the Tunisian arm of Bahrain’s Al Baraka Banking Group.

Last month, parliament approved a law that will allow the state to issue Islamic bonds,or sukuk.

The Jeddah-based Islamic Development Bank (IDB) has offered Tunisia a financial guarantee to issue a sukuk worth $600 million, though the issue could be delayed to 2014 because of political instability and approaching elections.


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