Sarwa Capital receives preliminary FRA approval to for sukuk issuer license

Consumer- and structured-finance player Sarwa Capital has received a preliminary approval from the Financial Regulatory Authority (FRA) for a license to issue sukuk (sharia-compliant bonds), FRA boss Mohamed Omran revealed in a press conference last Tuesday. He noted that the approval was given around one week before the announcement. Sarwa had applied for the license earlier this month.