Thailand plans first Islamic bonds to tap Arab wealth

Bloomberg : Thailand plans to raise $600 million from its first sale of Islamic bonds as it seeks to attract funds from the Middle East to pay for public works.
``We want to tap petrodollars as Middle East countries have lots of money,'' Dheerasak Suwannayos, president of the state- owned Islamic Bank of Thailand, told reporters in Bangkok today.

Islamic Bank plans to sell seven-year Islamic bonds in the third quarter of 2009, Suwannayos said. State companies will use money raised from the securities, known as sukuk, to help finance their projects.