Egypt Plans to Issue USD 2 Billion Sovereign Sukuk in June 2022
January 11, 2022 | Updated at January 11, 2022
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Email The Egyptian government is working closely with the Financial Regulatory Authority (FRA) and Al-Azhar University to finalise the executive regulations of the Sovereign Sukuk Act by the end of the month in order to issue its first Sovereign Sukuk of USD 2 Billion by mid-year 2022.
Why it Matters?
The issuance of Egypt’s Sovereign Sukuk is aimed at reducing government debt and moving towards longer-term borrowing. Mohamed Hegazy, Head of the Debt Management Unit at the Egyptian Ministry of Finance, noted that legal and technical matters are to be finalised according to formulas that are compatible with Shariah principles.
Details
The Sovereign Sukuk will be released on the local and international stock exchange markets...
