Kuwait Finance House Offers To Subscribe For US$ 3 Bln Of Egypt’s Sukuk

The Kuwait Finance House (Beitak) expressed an interest to subscribe US$ 3 billion of Egypt’s debut sukuk which will be issued after the sukuk law is approved, sources said.

The Egyptian Ministry of Finance has received many offers from international investors asking to subscribe for Egypt’s first  sukuk issuance with value ranging from US$ 4 billion to US$ 6 billion, sources added.

The Ministry negotiated with more than eight international banks and financial institutions such as Crédit Agricole, CitiBank UAE, Standard Chartered, BNP Paribas, HSBC, JP Morgan, Deutsche Bank and the Islamic Development Bank. These institutions provided suggestions concerning the sukuk bill and shared their experiences in sukuk.

It is worth mentioning that Shura Council approved last week the sukuk bill without referring it to Al-Azhar to be revised by its Senior Scholars Council. This move was rejected by Islamist parties such as Al-Nour Party.