FRA issues guide on sukuk system

CAIRO - 31 July 2019: The Financial Regulatory Authority has issued a guide on the trading of sukuk - a newly developed financial tool in the capital market - in line with recent legislative amendments.

The guide is meant to shed light on the sukuk system, especially after its regulatory framework has been outlined, said FRA chairman Mohamed Omran in a statement Wednesday.

Moody's Investors Service had expected Egypt to become one of the Islamic sukuk issuers during 2019.

Sukuk play an important role in bankrolling companies, authorities and legal persons, Omran said, adding that the new tool should help create value added for the national economy.

The FRA is seeking to start the issuance of sukuk seeking a good position for Egypt in the global sukuk market, he stressed.