CAIRO- Egypt's Financial Regulatory Authority approved the first issuance of sukuk, or Islamic bonds, worth 2 billion Egyptian pounds ($127 million) by a subsidiary of Talaat Mostafa Group TMGH.CA , it said in a statement on Wednesday.

The sukuk, issued by the subsidiary Arab Company for Projects and Urban Development, will be available for trading and for expedited payment but will not be transferable for shares, the authority said.

The new sukuk period is for 57 months, up to the end of 2024.

Talaat Mostafa Group is Egypt's largest listed real estate developer. ($1 = 15.7000 Egyptian pounds)

(Reporting by Ehab Farouk, writing by Mahmoud Mourad; Editing by Hugh Lawson) ((;))