"Tunisia seeks to draw on Islamic finance to fund investment (Marouane Abassi)) | Tunisia News Gazette

“Tunisia seeks to draw on Islamic finance to fund investment (Marouane Abassi))

“Tunisia is keen to make the most of Islamic finance to raise the financial resources needed to finance investments, so as to boost the country’s economy and put in place the pillars of a social and solidarity economy, lever of sustainable development, ” governor of the Central Bank of Tunisia (BCT), Marouane Abassi said Tuesday in Gammarth.

Speaking at a panel on “The Role of Islamic Capital Markets in Achieving the Goals of Sustainable Development”, organized as part of the Annual Meetings of the Islamic Development Bank (April 1-5, 2004, Tunis), the Governor added that the current situation necessarily requires the combination of all efforts to improve the performance of the financial system, including the banking system, and to mobilise all available financing mechanisms, including Islamic finance, within the framework of a global vision based on harmonization with traditional finance.

For his part, Mounir Fakhet, director of Risks at Zitouna Bank, said that “sukuks can be an ideal instrument to finance major projects designed under Tunisia’s five-year plan (2016-2020), including infrastructure projects and social projects that will help ensure better financial inclusion and regional integration.”

“Sukuk can contribute to the financing of an economy marked by sluggishness and rising unemployment and poverty rates.

This funding mechanism will certainly be beneficial for the State which is in search of financial resources and for economic actors, especially very small businesses (micro-enterprises) and micro-projects that cannot access conventional financing”, he noted.

Sri Mulyani Indrawati, Indonesian Finance Minister stressed that sukuks are the best way to finance major projects that align with the main Sustainable Development Goals (SDGs), as part of a public-private partnership.

She recalled that this funding mechanism has aroused the interest of several non-Muslim governments, such as the United Kingdom, Luxembourg, Hong Kong and several African countries, which proves their effectiveness.

“The sukuks have grown dramatically in recent years, by 47.3% with a $ 97.9 billion issue. In 2018, the gap between supply and demand in sukuks exceeded 178 billion dollars, “she noted.

Source: TAP News Agency

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