(2 minutes read)
- Egypt is preparing to issue the first sovereign sukuk offering during the second half of the current fiscal year 2021-22, according to Minister of Finance Mohamed Maait
- The timing, size and type of offering will be determined later
Egypt is preparing to issue the first sovereign sukuk offering during the second half of the current fiscal year 2021-22, according to Minister of Finance Mohamed Maait. The timing, size and type of offering will be determined later.
Work is being done to issue the executive regulations of the law within three months, in cooperation with the Financial Supervisory Authority and Al-Azhar Al-Sharif to give a legal and technical character in compatible with the principles of Islamic Sharia. This will help attract a a new segment of Egyptian and foreign investors wishing to invest in accordance with Islamic law in both local and foreign currencies.
The minister indicated that the tax treatment prescribed for treasury bonds will also apply to the returns of sovereign sukuks and the return on trading on them, so that the sukuks issued in the local market are listed on the stock exchange, and they are kept in the Central Depository and Custody Company.
