ADEN, Yemen — On January 6, 2025, Mohammed Banajah, Deputy Governor of the Central Bank of Yemen, emphasized that Islamic sukuk are not merely financial instruments but essential pillars for achieving financial and monetary balance.

This statement was made during a meeting he chaired at the bank's headquarters in Aden, Yemen's designated temporary capital. The meeting reviewed the performance of the sukuk and Islamic finance unit for 2024 and focused on enhancing the unit's role in developing sovereign Islamic financial products, according to the official Yemen News Agency, Saba.

Banajah noted the widespread adoption and utilization of Islamic sukuk in markets and financial institutions, reiterating the bank's commitment to support the sukuk and Islamic products unit to achieve further tangible successes.

He revealed that the unit is currently executing investment contracts in collaboration with 13 local banks, with a total financing capital of 260 billion Yemeni riyals, reflecting the local banks' confidence in the unit's capabilities.

The meeting also addressed a comprehensive vision to expand the scope of Islamic sukuk by diversifying financial products to reinforce their role as a key tool in monetary policy, with a focus on supporting the economic infrastructure.

Moreover, the Sharia Board praised the Central Bank's management's significant attention to developing this unit, highlighting a strategic vision towards financial innovation and sustainability.