Regulatory Alerts2013-07-30
Law No. 2013-30 of July 30, 2013, relating to Islamic Sukuk
The Constituent National Assembly and President of Tunisia enacted Law No. 2013-30 to establish a comprehensive legal framework for Islamic Sukuk, defining them as negotiable Shariah-compliant securities representing equal ownership shares in assets or services. The legislation mandates a common fund structure overseen by an independent management company and a bank depositary, while requiring a binding Shariah supervisory committee to issue fatwas and conduct audits. It further details issuance procedures, registration, trading conditions on the Tunis Stock Exchange or foreign markets, and the liquidation process upon sukuk extinction.
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