Egypt’s FRA Plans for EGP 5 Billion worth Sukuk Offerings in 2020  

The Financial Regulatory Authority (FRA) of Egypt has plans of offering five new Sukuk, or Shariah-compliant bonds worth EGP 5 billion in 2020, according to the FRA’s Head of Central Financing, Sayed Abdelfadil.

During the first week of April 2020, the FRA approved the issuance of the first Sukuk in the Egyptian capital market by the Arab Company for Projects and Urban Development, which is a subsidiary of Egypt’s real estate giant TMG Holding (TMGH). According to the FRA, the total value of this Sukuk Ijarah is expected to be EGP 2 billion. 

Others include an EGP 50 million Sukuk issuance by CIAF Leasing, the prospectus of which was initially to be presented to the FRA i...