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· The Egyptian Cabinet approved yesterday (Wednesday) to start the procedures for issuing sovereign sukuk bonds in international markets
· This decision was taken by the Ministry of Finance.
· The country is preparing to issue the first sovereign sukuk offering during the second half of the current fiscal year
· This will contribute to providing the necessary funding for investment projects included in the economic and social development plan in the state’s general budget.
The Egyptian Cabinet approved yesterday (Wednesday) to start the procedures for issuing sovereign sukuk bonds in international markets. This decision was taken by the Ministry of Finance.
The country is preparing to issue the first sovereign sukuk offering during the second half of the current fiscal year. This will contribute to providing the necessary funding for investment projects included in the economic and social development plan in the state’s general budget. This will help achieve development goals in a manner consistent with the state’s efforts to improve the standard of living of citizens. The size, timing and type of offering will be determined later.
The minister added that work will be done to issue the executive regulations of the law within three months, in cooperation with the Financial Regulatory Authority (FRA) and Al-Azhar Al-Sharif. This is to give a legal and technical character in accordance with formulas compatible with the principles of Islamic Sharia. In June 2021, the Egyptian House of Representatives approved a draft law submitted by the government to issue the Sovereign Sukuk Law. The sukuk is characterized by a high return, due to the high volume of risks in it
