Egypt FRA eyes 5 sukuk offerings in 2020

FRA approved issuing the first-of-kind sukuk in favor of the Arab Company for Projects and Urban Development

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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ArabFinance: The Financial Regulatory Authority (FRA) plans for five new sukuk, or sharia-compliant bonds, offerings worth EGP 5 billion this year, Al Borsa news website quoted the authority’s head of central financing Sayed Abdelfadil as saying on April 12th.

In early April, FRA approved issuing the first-of-kind sukuk in favor of the Arab Company for Projects and Urban Development, a subsidiary of TMG Holding (TMGH).

The total value of this Islamic financing facility is estimated at EGP 2 billion, according to an official statement.

Others include offerings from CIAF Leasing, which was ready to present the prospectus for the sukuk offering to FRA in February.

Additionally, Sarwa Capital has been granted in July 2019 the country’s first sukuk issuer license by FRA. This gives Sarwa the green light to issue Islamic bonds through its sukuk arm, Sarwa Sukuk Company.

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