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Egypt’s FRA approves third Sukuk issuance in 2020 valued at EGP 600m

Egypt’s FRA approves third Sukuk issuance in 2020 valued at EGP 600m
FRA expects Sukuk issuances worth EGP 10 billion in 2021

Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the third Sukuk issuance in 2020 with a value of EGP 600 million at a nominal value of EGP 100 apiece.

The Ijara Sukuk, compliant with Islamic Sharia and non-convertible into shares, will be offered in a private placement for eligible financial institutions, entities, and individuals, the FRA’s Chairman, Mohamed Omran, said in a statement on Monday.

He further revealed that the FRA seeks to develop the Sukuk market in Egypt next year, noting that EGP 10 billion in Sukuk issuances are expected in 2021.

The total number of corporate Sukuk issuances in the first year of its launch reached three valued at EGP 5.1 billion.