Agence France-PresseFebruary 26, 2014 13:32
South Africa will launch its first sukuk Islamic bond this year, as it seeks to diversify its debt obligations, Finance Minister Pravin Gordhan said Wednesday.
"Our first sukuk (Islamic) bond will be launched this year," he told lawmakers while unveiling his annual budget.
Complying with Islamic Sharia law, in which interest is not charged, such a bond has been on the cards as South Africa tries to tap a broad range of lenders to limit risk.
"Options for introducing a sukuk retail savings bond are also being explored," he added.