Al Baraka Bank covers $40.93mln of Palm Hills’ sukuk issuance

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Egypt - Al Baraka Bank Egypt (SAUD) has contributed EGP 750 million to the coverage of the issuance of EGP 3.251 billion sharia-compliant sukuk by Palm Hills Development Company (PHDC), the bank’s CEO Hazem Hegazy told Al Mal News on March 28th.

The sukuk issuance was also covered by Arab Investment Bank and Suez Canal Bank (SCB).

On March 27th, Sarwa Capital, a subsidiary of Contact Financial Holding, announced the issuance of EGP 3.251 billion sharia-compliant sukuk for Palm Hills. The issuance will finance Palm Hills’ Badya project in the 6th of October City.

Badya is an integrated residential complex including different units with various spaces, comprising apartments and villas.

The sukuk issuance was organized and promoted by Sarwa Capital, while Misr Capital promoted and guaranteed the coverage of the issuance.

Al Baraka Bank is an Egypt-based commercial bank and part of Al Baraka Banking Group, a Bahraini joint-stock company.

The bank is engaged in the provision of retail, corporate, and investment banking solutions, in accordance with the Islamic sharia principles, through a network of 32 branches located across Egypt.

Palm Hills is an Egypt-based company that focuses on real estate investment in the new cities and urban communities, land reclamation and cultivation, and other activities associated with the Company’s operations.