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Egypt’s FRA approves Sarwa Capital’s sukuk securitisation business

Egypt’s FRA approves Sarwa Capital’s sukuk securitisation business
The company's net profits amounted to EGP 127.87 million in Q1-19
Sarwa Capital Holding
SRWA
-100.00% 5.60 -5.60

Cairo – Mubasher: Sarwa Capital Holding for Financial Investments announced that its unit Sarwa Sukuk Company has obtained a sukuk securitisation licence from the Egyptian Financial Regulatory Authority (FRA).

The Sharia-compliant sukuk issuance and restructuring licence is the first one its kind to be granted in Egypt, Sarwa Capital Holding said in a statement to the Egyptian Exchange (EGX) on Monday.

During the quarter of 2019, the Cairo-based firm’s net profits amounted to EGP 127.87 million, compared to EGP 55.65 million in the year-ago period.

Meanwhile, sales revenues retreated to EGP 483 million in Q1-19 from EGP 604.46 million in Q1-18.