Wifak International Bank to Issue Islamic Finance-Compliant Bonds
Wifak International Bank is set to enter the bond market to raise debt in compliance with Islamic finance principles. The target amount is 22 million Tunisian dinars (MTND), without resorting to a public savings appeal. The nominal value of a bond is 100 Tunisian dinars (TND), and the loan term is 7 years, with a 3-year grace period.
Bond Remuneration
The remuneration for these bonds consists of an estimated annual gross return rate and a variable supplement. This remuneration is linked to the yield of the underlying asset of an IJARA portfolio related to each maturity, whose yield will be collected by the issuer to be distributed to subscribers according to predetermined distribution keys. The estimated average net yield of the IJARA portfolio is 12.5% and will be served according to a distribution key of 70% for bondholders and 30% for shareholders. Thus, the minimum return rate is estimated at 8.75%, with a variable supplement of 25 basis points.
Subscription Period
Subscriptions are open from December 22, 2025, and will close, at the latest, on December 29, 2025. They may be closed without notice as soon as the maximum issue amount is fully subscribed. In the event of a placement of an amount less than 22 MTND at the end of the subscription period, subscriptions will be extended until January 12, 2026, with the maintenance of the single profit accrual date. After this deadline, the issue amount will correspond to the amount actually collected by the bank.
Use of Funds
The mobilized sum will be used to strengthen the bank's quasi-equity, finance its investment budget, and meet its customers' demands for financing.
Expected Success
The operation is expected to be a success. This is Wifak's sixth operation of this nature, and it has never disappointed in terms of returns. With the prospect of a decrease in interest rates, which will eventually occur, guaranteeing a 9% return is a good investment opportunity.
