Egypt to issue first corporate sukuk within weeks; says FRA official

By Amwal Al Ghad English On Dec 3, 2019

Sayed Abdel Fadil, Head of the Central Department for Corporate Finance at the Financial Regulatory Authority (FRA)

Egypt will issue its first corporate sukuk – or Islamic bonds – within weeks, a Financial Regulatory Authority (FRA) official told Reuters on Tuesday.

CIAF Leasing, an aircraft leasing company, will issue sukuk worth $50 million, the first in Egypt to do so, Sayed Abdel Fadil, an FRA departmental head, further said.

A second company, a contractor, will also issue sukuk worth more than one billion Egyptian pounds ($62 million) within weeks, Abdel Fadil said, without giving the name of the company.