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Event comes after three successful sukuk issuances, with three more to follow soon
Roundtable will discuss the components of a successful sukuk issuance, and the factors that determine the appropriate type or form of the instrument
Volume of Egypt’s sukuk issuances during 2021 expected to reach over EGP 10bn
Sukuk issuances in 2021 are set to exceed EGP 10bn, says FRA official
The proceeds will be used for further expansion of Contact Credit and its affiliate companies.
The sources said that the company is currently completing the offering documents with the Financial Regulatory Authority (FRA). CIRA aims to complete the offering before the end of the year, to finance its expansion in the field of education.
FRA’s Sharia Supervisory Committee approves sukuk’s compliance with Islamic Sharia last Thursday
Issuance to comprise 25m sukuk at nominal price of EGP 100 per unit through private placement
Sarwa Capital had signed a cooperation agreement with Banque Misr and the Misr Capital Company to guarantee, promote, and cover the financing instruments for the benefit of Contact Finance. The move came as part of the general strategy to diversify sources of financing.
Amer Group has decided to hold off announcing the value due to the prevailing pessimistic outlook of a second wave of the novel coronavirus (COVID-19). This is expected to result in a decline in the interest rate, which raises some concerns.
several companies want to issue sukuk in 2020, including real estate investment, services, agricultural reclamation
FRA earlier approves first Sukuk offering worth EGP 2bn
The issuance is reportedly to have a positive impact in three ways, given the current crisis facing Egypt’s economy due to the ongoing coronavirus (Covid-19) pandemic.
TMG is targeting sales in the fiscal year (FY) 2019/20 similar to those in FY19, of EGP 20.4bn.
CIAF delays its Sukuk programme to mid-year
CIAF is currently preparing to float $50m sukuk, and promotions are underway to launch them, which is the first sukuk offering witnessed in the Egyptian market, after the approval of legislative controls for issuing sukuk in Egypt.
The company arranged with the Financial Regulatory Authority to navigate the process, ADIB Securities for financial consultancy, and Al Tamimi & Company as its legal advisor. The issuance is expected to reach $50m.
MERIS Ratings hired to rate Sukuk, promotional campaigns to launch soon, says Mohamed
This year summit titled, ‘Funding instruments, opportunities to accelerate growth, stimulate capital markets’
Sukuk accounts for 24% of total debt floated in Gulf during 2017
Sukuk’s compliance with Islamic law may be catalyst for it to be seen as reliable financing tool, says El Sawy
Conference aims to encourage companies to take advantage of financing alternatives to growth, expand, provide government with financial resources to fund its major projects
We aim to raise economic growth to 10% by 2030: Ismail
The bonds are the second to be listed by Majid Al Futtaim on the exchange, following a $400m listing in 2013
Parliamentary elections will be another milestone towards economic reform, says Hany Kadry Dimian
Reuters – The United Arab Emirates’ financial market regulator has set new rules for Islamic and corporate bonds to encourage trading in them, and amended rules on securities lending and borrowing to make it easier for foreign institutions to operate. The changes are part of plans to introduce at least two new rules covering the …
Reuters – The Bahrain-based International Islamic Financial Market (IIFM) will develop its first standard contract template for sukuk (Islamic bonds), and aims to double the number of its standards as early as next year, its chief executive told Reuters. A standard for leasing-based sukuk will be developed first by the IIFM, a non-profit industry body …
Reuters – The government of Dubai plans to sell a benchmark-sized, US dollar-denominated sukuk with a lifespan of 15 years on Tuesday, a document from lead managers said. Initial price thoughts on the Islamic bond have been set between 5% and 5.125%, the document said. Benchmark size is traditionally understood to mean at least $500m. …
Reuters – A top Dubai economic policymaker said on Monday that an agreement to merge the two main stock markets in the United Arab Emirates, the Dubai Financial Market and the Abu Dhabi Securities Exchange, had been reached in principle but nothing had been finalised. “It is going to be very positive. The agreement has …