Egypt prepares to issue first sovereign sukuk in H2 of 2021/22: Finance Minister

Egypt prepares to issue first sovereign sukuk in H2 of 2021/22: Finance Minister

Published 24 Aug,2021 via Daily News Egypt - Minister of Finance Mohamed Maait has said that Egypt is preparing to issue its first sovereign sukuk during the second half (H2) of fiscal year (FY) 2021/22.

The offering will provide the necessary funding for investment projects listed in the economic and social development plan in the state’s general budget, to achieve development goals in line with the state’s efforts to enhance expenditures to improve citizens’ lives. He pointed out that the timing, size and type of offering will be determined later.

The minister added, in a statement today, that the executive regulations of the law will be issued within three months, in cooperation with the Financial Regulatory Authority (FRA) and Al-Azhar. The main goal is to make the law suitable with Islamic Sharia to attract new segment of Egyptian and foreign investors wishing to invest in accordance with Islamic sharia in both local and foreign currencies.