March 5 (Bloomberg) -- Indonesia may sell as much as $500 million in its first sale of global Islamic bonds, central bank Deputy Governor Hartadi Sarwono said today in Singapore. The government plans to sell the bonds this year, Dahlan Siamat, director of Islamic financing policy at the Finance Ministry, said in a separate interview from Jakarta. Indonesia has more than $600 million in assets available to back the sale of Islamic bonds, Siamat said. The debt, known as sukuk, is typically backed by assets or cashflow because Islamic law bars payment of interest. The Southeast Asian nation last month raised $3 billion from the largest sale of conventional dollar debt by an emerging market so far this year. Debt sales and overseas loans this year will help president Susilo Bambang Yudhoyonoâs government finance its proposed 139.5 trillion rupiah ($11.5 billion) budget deficit and increase spending on public work projects.
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