Egypt to issue first corporate sukuk within weeks

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

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

Separately, the value of securitisation bonds issued so far this year in Egypt has jumped to 18 billion Egyptian pounds from 5.3 billion pounds in all of 2018, FRA chairman Mohamed Omran told a news conference.

$1 = 16.0600 Egyptian pounds

Reporting by Ehab Farouk; Writing by Mahmoud Mourad; Editing by Patrick Werr and Mark Potter

Copyright reserved 2019 – Reuters

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