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Tunisia Plans $500 Million Sukuk Sale by End of November

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Tunisia, where citizens started voting for a new parliament, plans to raise $500 million from the sale of sukuk by the end of next month, according to Finance Minister Hakim Ben Hammouda.

Citigroup Inc., Natixis SA, Standard Chartered Plc and Qatar-based QInvest “expressed their willingness to cooperate” and consultations are ongoing, Hammouda said in an interview in Tunis on Oct. 24. Former Finance Minister Elyes Fakhfakh in July 2013 said the nation would raise as much as $700 million from the sale of Islamic bonds, the same month it approved a sukuk law.