The Islamic Sukuk Unit at the Central Bank of Yemen was responsible for the issuance which was part of a one-year programme introducing sukuk worth YR 100 billion by the end of 2011.

Every three months, the unit will issue sukuk worth $ 125 million.

There are four Islamic banks in the country including Tadhamon International Islamic Bank, the biggest bank in the country in terms of assets, and Saba Islamic Bank, the biggest lender.

The others are Shamil Bank of Yemen and Bahrain and Islamic Bank of Yemen for Finance and Investment, the first bank established in 1995. Also, there are two Islamic windows within Yemen Kuwait Bank for Trade and Investment and CAC Bank. Under the Yemeni Islamic banking law 21 of 1996 and its amended version law 16 of 2009, a non-Islamic bank can open an Islamic window.


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