Egypt's debut sovereign sukuk signals strong investor confidence in economy: Finance Minister

Mon, 02 Oct 2023 - 10:33 GMT

During his speech, Maait highlighted that the volume of Sukuk transactions had surpassed an impressive two trillion dollars, based on conservative international estimates

Islamic banking accounts for approx. 5% of overall Egyptian banking sector, says EIFA

Thu, 01 Jun 2023 - 03:01 GMT

Islamic banking accounts for approximately 5% of the overall Egyptian banking sector, according to the EIFA’s latest data

Madbouli praises Egypt’s first sovereign Islamic sukuk with a total value of $1.5B

Wed, 22 Feb 2023 - 06:26 GMT

Madbouli made the remarks during a meeting he chaired of the Cabinet at its headquarters in the New Administrative Capital.

Egypt's sovereign sukuk oversubscribed 4x with highest return in 10 years

Wed, 22 Feb 2023 - 05:08 GMT

The value of the issuance hit $1.5 billion, and the subscription on these sukuk amounted to about $6.1 billion.

Egypt starts selling its 1st dollar-denominated sovereign sukuk with 11.6% initial return

Tue, 21 Feb 2023 - 03:40 GMT

Bloomberg reported earlier that the government is seeking to raise up to $1.5 billion.

FRA approves issuance of LE2B sharia-compliant speculative sukuks

Tue, 20 Sep 2022 - 04:24 GMT

This issuance represents the fourth issue to finance the project of the beneficiary company (Contact Finance Company) (the beneficiary company / Mudarib).

Finance minister says sukuk used to attract new segments of investors

Sun, 05 Jun 2022 - 02:14 GMT

Maait said the government resorted to sovereign sukuk with the aim to attract new segments of Egyptian and foreign investors who would like to do business the Islamic way.

Egypt reviews impact of Ukrainian-Russian crisis, reveals economic indicators and future plans

Sun, 15 May 2022 - 03:45 GMT

This conference came as a result of implementing President Sisi's directives, especially since the crisis is expected to last longer than expected, according to Prime Minister Mostafa Madbouli.

Egypt's cabinet agrees to start procedures for issuing sovereign sukuk in int'l markets

Wed, 19 Jan 2022 - 02:01 GMT

Earlier, the Egyptian Finance Minister, Mohamed Maait, confirmed that Egypt is preparing to issue the first sovereign sukuk offering during the second half of the current fiscal year.

Egypt seeks to diversify sources of funding, simplify bond, sukuk market

Tue, 19 Oct 2021 - 12:43 GMT

The ministry is currently implementing some legal provisions related to capital gains tax, although this tax is not the main reason behind the decline in the number of companies listed on the stock exchange, she noted.

Egypt prepares to issue its first sovereign sukuk in H2 of 2021-2022

Tue, 24 Aug 2021 - 12:47 GMT

He pointed out that the timing, size and type of offering will be determined later.

Egypt's parliament gives final approval to sovereign sukuk law

Mon, 28 Jun 2021 - 03:30 GMT

The second article of the draft law specifies aspects of using sovereign sukuk to finance investment, economic and development projects included in the economic and social development plan of the state’s general budget.

Egypt denies intention to issue sovereign sukuk to mortgage assets in exchange for borrowing

Tue, 22 Jun 2021 - 12:34 GMT

The ministry said in a statement on Tuesday that the goal of issuing sovereign sukuk is to create a new financing tool to diversify the investor base.

Finance minister: We work on studying int'l experiment on issuing "sustainable development bonds"

Sun, 06 Jun 2021 - 04:40 GMT

Maait said the aim of issuing Sukuks is to finance the state general budget, as well as investment and development projects included in the budget.

Egypt's Senate approves in principle Sovereign Sukuk Act

Mon, 17 May 2021 - 01:55 GMT

Senators praised the bill, stressing that it brings unconventional investments, complies with Islamic law, and preserves the state's right to ownership of assets and the rights of investors.

600 tons of Sukuk meat to be provided to needy families - min.

Thu, 25 Mar 2021 - 01:50 GMT

As part of the project, Sudanese cows will be slaughtered, packed and transported to different governorates under the supervision of the two ministries.

Egypt to Issue First Sovereign Islamic Sukuk

Thu, 26 Nov 2020 - 11:28 GMT

The cabinet approved a new sovereign sukuk bill early November, amining to widen Egypt’s investors base.

Egypt prepares to issue 1st sovereign sukuk after gov't approval

Wed, 04 Nov 2020 - 10:46 GMT

It will open the door for Egypt to enter the world of Islamic finance, whose volume of transactions reached at the end of last June about $ 2.7 trillion.

Egypt saves LE 650B through reform program

Tue, 10 Dec 2019 - 10:52 GMT

Ma’it said that the ministry is studying developing three new types of bonds for investors in the next 2 years to diversify the state’s sources to control the deficit bill.

FRA issues guide on sukuk system

Wed, 31 Jul 2019 - 01:16 GMT

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