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Bahrain hires international banks for $1 Billion sukuk sale
- Bahrain: Tuesday, September 27 - 2011 at 10:10
Bahraini central bank governor Rasheed al-Maraj has said the kingdom has selected three international banks to advise on the sale of around $1bn in Islamic bonds next month as the country seeks to bridge its budget deficit, Bloomberg has reported. The funds will be used to finance a budget deficit of around 5% of gross domestic product, he said. Citigroup, BNP Paribas and Standard Chartered will advise on the sukuk sale, whcih follows Bahrain's government raising the public debt ceiling by BD1bn ($2.65bn) to BD3.5bn, Maraj said.
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StaffTuesday, September 27 - 2011 at 10:10 UAE local time (GMT+4)
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