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Contact Financial closes its 2nd sukuk issue of EGP 2.5B

Contact Financial closes its 2nd sukuk issue of EGP 2.5B

ArabFinance: Contact Financial Holding closed its second Sukuk issuance by its Sukuk arm; Sarwa Sukuk Company, of EGP 2.5 billion, according to the company's statement released on July 27th.

The issue is a Shariah-compliant 7-year Mudaraba Sukuk and received a high credit rating of A- by Middle East Ratings and Investors Service.

The proceeds will be used for further expansion of Contact Credit and its affiliate companies. This issue is the second transaction which brings the total Sukuk issues of Contact Financial to EGP 5 billion.

It is worth mentioning that Sarwa Sukuk Company was the first to obtain Sukuk license in Egypt by the Financial Regularity Authority (FRA) in July 2019.

In late June, the listed company completed all required procedures for establishing an e-payment solution company with an initial capital of EGP 50 million, CEO Saeed Zaatar said. 

Contact Financial Holding, formerly Sarwa Capital, is a non-bank financial services provider, changing the way people and business access finance and insurance.

Operating since 2001, Contact adopts innovative approaches in extending its services, offering quality services with simple procedures and reaching a wide client base through its various subsidiaries, affiliates and partners.

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04 Oct 2021
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