November 16, 2020

FRA checks compliance of Sarwa’s new sukuk issuance with Sharia

Issuance to comprise 25m sukuk at nominal price of EGP 100 per unit through private placement

The Central Sharia Supervisory Committee at the Financial Regulatory Authority (FRA) will check the compliance of Sarwa Sukuk’s new sukuk issuance for the benefit of Contact Finance with Islamic Sharia by the end of this week, in preparation for the final approval, according to Sayed Abdel-Fadil, Head of Central Administration for Corporate Finance at FRA.

Meanwhile, Abdel-Fadil expected that the Egyptian capital market will witness the issuance of Amer Group’s sukuk, the third offering in the market, by December 2020. It will also be implemented by Sarwa Capital.

As for the pending issuance, Sarwa will issue EGP 2.5bn worth sukuk for the benefit of Contact Finance, comprising over 25m sukuk with a nominal value of EGP 100 per unit, in a private placement for financial institutions and high net worth individuals.

The sukuk holders will be entitled to a variable return that will start to be disbursed from the next month of the closing the subscription to the issuance.

On the other hand, Abdel-Fadil told Daily News Egypt that the securitisation bonds in the local market will reach EGP 20bn by the end of this year, as their volume currently exceeds EGP 14bn.


Categories : islamic finance

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