Sarwa Capital’s Sukuk Issuance to be Approved by Egypt’s Financial Regulatory Authority

Egypt’s Financial Regulatory Authority (FRA) was set to have approved Sarwa Capital’s Sukuk issuance for the benefit of Contact Finance on the 21st of November 2020, according to local media reports.

The issuance worth EGP 25 billion comprises over 25 million Sukuk with a nominal value of EGP 100 per unit, and is part of a strategy to diversify sources of financing. The Sukuk-holders will receive a variable return, disbursement of which will commence in the month following the closing of the subscription to the issuance.

The issuance will take place in the form of a private placement with financial institutions and high-net worth individuals. According to Sarwa Capital,...