Sudan working on International Islamic Bond

Nov 23, 2006 (SINGAPORE) — Sudan is looking at selling an international Islamic bond and is working with the Saudi Arabia-based Arab Investment Co. on the proposed issue, an official at firm’s Bahrain branch said Thursday.

Media reports have said the government of Sudan is looking at around US$200 million in three-year sukuk, but the official said the currency and structure have yet to be finalized.

He said the international offering could emerge within weeks.

Sudan has turned around a struggling economy over the last decade and in recent years, its oil deposits have drawn the attention of energy-guzzling nations such as China and India.

Nevertheless, the country still has a high level of poverty, and internal conflict since 2003 in the western Darfur region has left hundreds of thousands dead and displaced some 2 million more.

The United Nations is currently seeking to post peacekeeping troops in the area to work alongside African Union forces already there.

(Dow Jones)