Egypt Set to Issue First Corporate Sukuk within Weeks, Official SaysSource: www.export-egypt.com 12/3/2019, Location: Africa |
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Egypt is set to issue its first corporate sukuk, or Islamic bonds, in the coming weeks, an official at the Financial Regulatory Authority (FRA) said .
FRA department head Sayed Abdel-Fadil told Reuters that CIAF Leasing, an aircraft leasing company, will issue sukuk worth $50 million, becoming the first corporation in Egypt to issue the bonds. A second company, a contractor, will also issue sukuk worth more than EGP 1 billion ($62.27 million) within weeks, he added, without providing more details. The official's statements come a few weeks after FRA head Mohamed Omran said that the authority is considering the approval of the country’s first sukuk issuance next year, worth EGP 750 million ($46.5 million). Over the past few years, Egypt has repeatedly announced its intention to issue its first sukuk, but the plan has not yet been realised |
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