Morocco is drafting a law to allow the sale of Islamic bonds, joining North African neighbours seeking to lure more investors to their debt after global sukuk offerings surged to a record.
The government, led by the Islamist Justice and Development Party, will put the bill to parliament as soon as the draft is completed, Budget Minister Driss Elazami Eldrissi said by phone on November 20. He wouldn’t say when that would happen. Tunisia and Egypt, two other North African countries ruled by Islamist parties after last year’s uprisings, are also drafting laws to pave the way for possible sukuk sales in 2013………………………………………..Full Article: Source