Egyptian Cabinet Follows up on Procedures to Issue First Sovereign Sukuk

In a cabinet meeting on the 4th of January 2022, Egypt’s Prime Minister Mostafa Madbouly and Minister of Finance Mohamed Maait followed the procedures to issue the country’s first sovereign Sukuk offering. During the meeting, Maait stressed the benefits of financing through Sukuk and reviewed the growth and developments of Islamic banking activity globally and specifically in Egypt.

Why it Matters?

The minister affirmed that a sovereign Sukuk could provide funding for investments, development projects and attract a new segment of Arab and foreign investors particularly from the Middle East, North Africa and Asia who prefer financial transactions within Shariah principles. He emphasi...