A sale could happen as soon as this week and proceeds will be used for general budgetary needs, sources said
Proceeds from the issue will be partly used to refinance existing debt as well as provide cash for infrastructure investment.
As more regional and international companies turn to Islamic bonds to raise capital, Gulf Business lists the biggest Sukuks issued so far this year.
Current outstanding demand for Islamic bonds totals an estimated $300 billion.
National Industries Group Holding said that it has raised enough finance to repay the Sukuk when it matures on August 16.
The Islamic premium no longer exists says one banking professional, stimulating greater issuance and longer tenors.