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Egypt’s Financial Regulatory Authority Approves Issuance of EGP 2 Billion Mudarabah Sukuk 

Egypt’s Financial Regulatory Authority Approves Issuance of EGP 2 Billion Mudarabah Sukuk 

https://islamicmarkets.com/articles/egypt-s-financial-regulatory-authority-approves-issuance-of-egp-2-billion
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Sarwa Sukuk Company, a subsidiary of Contact Financial Holding (previously Sarwa Capital Holding), has received approval from the Financial Regulatory Authority (FRA) of Egypt to issue Mudarabah Sukuk worth EGP 2 billion (USD 103 million) for an 84-month term beginning on the day after the Sukuk's subscription deadline.

Why it Matters?

According to Chairman of the FRA, Mohamed Farid, the issuance supports the authority's efforts to promote the capital market by assisting the creation and development of various economic entities through various tools, including Sukuk, which meet the need of investors looking for Shariah-compliant investment products. The offering is Contact Financial Holding's fourth offering, and the funds are anticipated to be used...