Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes) has received the Financial Regulatory Authority’s (FRA) approval on the first Sukuk issuance in the local market at a total value of EGP 2 billion.

The Sharia-compliant Ijara Sukuk are tradable and inconvertible and will have a maturity of five years, according to a statement on Wednesday.

The Sukuk will be issued for the Arab Company for Projects and Urban Development, the real estate development arm of Talaat Moustafa Group Holding.  

The Islamic bonds received an ‘A+’ rating by Middle East Ratings and Investors Service (MERIS).