ArabFinance: Misr Capital, the investment arm of Banque Misr, is working on the issuance of sukuk for three companies listed on the Egyptian Exchange (EGX) in 2022, the company’s Managing Director and CEO Khalil El Bawab told Asharq Bloomberg.

El Bawab has not mentioned the names of the three companies nor the value of the issuances, but he revealed that the first sukuk issuance will take place in the second quarter (Q2) of 2022.

Sharia-compliant sukuk issuances of Egyptian corporates amounted to EGP 2.5 billion in 2021, which represents half the value of sukuk issued in 2020 that were worth EGP 5.1 billion.

Moreover, he expected the volume of corporate sukuk issuances to exceed EGP 10 billion this year after Misr Capital had arranged only one issuance last year valued at EGP 2.5 billion in collaboration with Contact Financial Holding (CNFN).

Misr Capital is seeking to issue securitized bonds for a number of companies at a total value ranging between EGP 7 billion and EGP 8 billion, with the first issue to take place in Q2 2022, he added.

The company also aims at launching three or four investment funds in 2022, he said, noting that Fawry Yawmy fund has been already launched at the beginning of the year in partnership with Fawry for Banking Technology and Electronic Payments (FWRY).

The second investment fund is set to be launched in Q2 2022, El Bawab pointed out.

Additionally, he unveiled that the private direct investment volume in Misr Capital stood at over EGP 12 billion, adding that the company is planning to invest around EGP 1 billion in education platforms and the healthcare sector during 2022.

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