Egypt Anticipating Over EGP 7.5 Billion Total Worth of Sukuk Issuances in 2021: FRA

Egypt is expecting to see Sukuk issuances worth over EGP 5 billion before the end of 2021, bringing the total anticipated outstanding Sukuk in excess of EGP 7.5 billion in 2021, according to Sayed Abdel Fadeel, Head of Central Department for Corporate Finance at Egypt’s Financial Regulatory Authority (FRA), who was addressing a local media source on the 11th of October 2021.

Why it Matters?

The expected outstanding Sukuk issuance amount is much lower than official expectations made earlier in February 2021 by various stakeholders, who had anticipated Egypt’s Sukuk market to exceed EGP 20 billion in 2021. However, only one Sukuk has been issued so far in the country in 2021, which was by Contact Financial Holding, an Egypt-based financial...