Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the first issuance of Sukuk in the Egyptian capital market at a total value of EGP 2 billion, FRA’s chairman Mohamed Omran said.

The to-be-issued Ijara Sukuk is compliant with Islamic Sharia, tradable, and non-convertible, Omran added in a statement on Wednesday.

The Sukuk will be offered and listed on the Egyptian Exchange (EGX) for 57 months starting from the date of the issuance up to the end of 2024 at a nominal value of EGP 100 apiece.