Egypt’s Financial Regulatory Authority (FRA) approved the first issuance of sukuk worth 2 billion Egyptian pounds ($127 million) by a subsidiary of the Egyptian property developer Talaat Moustafa Group, it said in a statement on Wednesday.

The sukuk, issued by the subsidiary Arab Company for Projects and Urban Development, will be available for trading and for expedited payment but will not be transferable for shares, the authority said.

The new sukuk period is for 57 months, up to the end of 2024, Ahram Online reported.