Islamic investment fund law in the works (By IFN)

Islamic investment fund law in the works

Daily Cover

TUNISIA: The Tunisian parliament has approved amendments to a bill which was submitted by the country’s Finance Ministry, allowing for the creation of an Islamic Investment Fund. The draft law, which is expected to be submitted to the National Constituent Assembly in the coming weeks, comes as the country’s interest in issuing Sukuk piques following the formation of a technical committee within the Finance Ministry to explore the possibility of issuing Islamic instruments; with the first sovereign Sukuk issuance slated towards the end of 2013. Following the Arab Spring in 2011, Tunisia has become the poster child of political and developmental reform amongst other North African nations; with the country’s growth prospects predicted to reach 4%, after a minor revision from 4.5% earlier. Foreign direct investments into the country have almost doubled year-on-year to TND147 million (US$90.46 million) from TND77 million (US$47.38 million) in the first quarter of 2012. The country’s finance minister, Elyes Fakhfakh, also confirmed a growth in 2013 State Budget expenditures, on the back of an increase in subsidy expenses and the restructuring of public banks. Despite being a Muslim-majority country, Tunisia’s socioeconomic landscape is considered unique, as the country’s elected leader, Moncef Marzouki tries to create a balance between the Muslim majority and the wealthy secular minority. His job, political pundits have observed; is to reassure both parties that they can coexist, by writing a new constitution that “enshrines human rights while respecting Islam and ensuring both Tunisias have a voice in the political process.”