FRA issues a guide on Sukuk trading

By Amwal Al Ghad English On Aug 1, 2019

Mohamed Omran, chairman of the Egyptian Financial Supervisory Authority (EFSA) speaks at the Egyptian Third Annual Leasing Conference in Cairo on October 16, 2018.

The Egyptian Financial Regulatory Authority has issued a guide on the rules and regulations of Sukuk trading in line with recent legislative amendments, Mohamed Omran announced.

Sukuk is a newly developed financial tool in the capital market.

The guide is meant to shed light on the sukuk system, especially after its regulatory framework has been outlined, said FRA chairman.

Moody’s Investors Service had seen Egypt to become one of the Islamic sukuk issuers during 2019.

Sukuk play an important role in bankrolling companies, authorities and legal persons, Omran said, adding that the new tool should help create value added for the national economy.

The FRA is seeking to start the issuance of sukuk targeting a good position for Egypt in the global sukuk market, he stressed.