New Measures Taken as Egypt Prepares for its Debut Sukuk Issuance in the Islamic Financial Market: Al Tamimi & Company

New Measures Taken as Egypt Prepares for its Debut Sukuk Issuance in the Islamic Financial Market: Al Tamimi & Company

https://islamicmarkets.com/articles/new-measures-taken-as-egypt-prepares-for-its-debut-sukuk
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As Egypt prepares to enter the Sukuk market early this year, we share insights from one of the leading corporate and commercial law firms in the region, Al Tamimi & Company, for an outlook on the local market and the implications behind this major step:

On the 15th of August 2021, Egyptian President Abdel-Fattah El-Sisi ratified the Sovereign Sukuk Law no.138 of 2021 (the Law), whereby the Government would securitise some of its assets and issue Shariah (Islamic Law) compliant securities, sovereign sukuk (Sukuk). The proceeds from the sale of the Sukuk would be used to finance the investment and development projects included in the social and economic development plan in the State’s general budget.

Issuing Sukuk will be the Egyptian government’s entry int...