Contact Financial Closes EGP 2.5 Billion Sukuk Issuance for Expansion of Contact Credit and Affiliates

Egypt-based non-bank financial services provider, Contact Financial Holding SAE (Contact Financial) has announced the closure of its second Sukuk issuance of EGP 2.5 billion by its subsidiary, Sarwa Sukuk Company, according to a statement issued on the 26th of July 2021.

Why it Matters?

The issuance marks Contact Financial’s second transaction, bringing its total Sukuk issued to EGP 5 billion. The latest issuance, which is a seven-year Mudarabah Sukuk, underlines Contact Financial’s robust financial position and its ability to diversify funding sources for growth opportunities. It also strengthens the group’s strategic position in developing innovative financing structures in Egypt’s debt capital market. Proceeds of the issuanc...