Sarwa Capital Successfully Closes EGP 2.5 Billion Inaugural Sukuk Issuance; Largest Sukuk Issuance in Egypt

Egypt-based financial services provider, Sarwa Capital has successfully closed its inaugural Sukuk issuance of EGP 2.5 billion on the 25th of November 2020, according to local media reports

The Shariah-compliant Mudarabah Sukuk, which was issued by Sarwa Capital’s subsidiary, Sarwa Sukuk Company, has a seven-year tenure and received a credit rating of A- by Middle East Ratings and Investors Service (MERIS). Proceeds of the Sukuk issuance will be used to further expand Sarwa Capital’s subsidiary Contact Credit and its affiliates.

Local media reported that the Sukuk was offered exclusively through private placement to institutional investors, and was covered and guaranteed...