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Egypt’s FRA approves first ever corporate sukuk issue at EGP 2B 

Egypt’s FRA approves first ever corporate sukuk issue at EGP 2B 

ArabFinance: The Financial Regulatory Authority (FRA) of Egypt approved issuing the first-of-kind sukuk at the Egyptian Exchange (EGX).

The total value of this Islamic financing facility is EGP 2 billion, according to an official statement.

This is Ijarah sukuk, which is in compliance with Shariah rules and can be traded. However, the sukuk cannot be converted into shares.

The FRA noted that they will be issued in a private placement to list on the EGX for 57 months.

The sukuk will have a nominal value of EGP 100 per each sukuk. This issue further carries a maximum tenor until 2024.

They will be issued as 100% for private placement by financial institutions in addition to authorities and individuals that are experienced and have enough solvencies.

The underlying asset linked to the sukuk will be TMG Group's mall in Madinaty, in which the investors will have partial ownership.

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