Sarwa Capital to Issue EGP 2.5 Million Sukuk on Behalf of Contact Finance

Egypt-based finance investment firm Sarwa Capital is looking to issue EGP 2.5 million worth of Sukuk on behalf of its subsidiary, Contact Finance company, by mid-November 2020.

According to local media reports, the move to issue Sukuk comes after Sarwa Capital applied amendments requested by Egypt’s Financial Regulatory Authority (FRA), with sources claiming that the issuance will be finalised within two weeks after obtaining FRA approval.

The Sukuk issuance, which will be offered in one tranche with a maturity of seven years, is part of Sarwa Capital’s general strategy to diversify its sources of funding. Sarwa Capital has signed an agreement with Banque Misr and the M...