CIAF Leasing Cancels Plans to Issue Sukuk Worth USD 50 Million

CIAF Leasing (CIAF), a joint-venture company in the aviation industry, has announced the cancellation of its plans to issue USD 50 million worth Sukuk, according to CIAF’s Chairperson, Salah Hashem. The decision was made following a consensus reached during CIAF’s General Assembly.

Hashem stated that CIAF was currently in the process of restructuring its plans, and was seeking alternative financing tools (to Sukuk), in the development of CIAF’s financing requirements.

According to media reports, CIAF had taken serious steps towards the offering of the USD 50 million Sukuk earlier in 2020, but was compelled to reconsider this plan in the wake of the COVID-19 pandemic...