TCTA looks at Islamic bonds

Trans-Caledon Tunnel Authority (TCTA) was considering an Islamic bond sale, it said yesterday. The builder of dams and water tunnels might issue the sharia-compliant debt to help raise R26 billion once the government established a benchmark with its own sale, Zodwa Mbele, the company’s executive manager for project finance and treasury, said. Worldwide offerings of Islamic bonds have jumped by 89 percent to $36.3bn (R302bn) this year. – Bloomberg