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Sunday, 23 July 2017

Saudi finance ministry says domestic sukuk program established

Saudi finance ministry says domestic sukuk program established:

"Saudi Arabia's ministry of finance said on Sunday it had established a program to issue local currency Islamic bonds, as the government covers a large budget deficit caused by low oil prices. The ministry described the program as "unlimited" and said it would announce on a case-by-case basis details such as the types of eligible investors, the size of the issues and the expected profit rate. The program has been submitted to the Capital Market Authority, the ministry added without specifying when the first sukuk issue would take place. "



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