Tasaheel takes EGP 7 bn worth of social sukuk to market: Tasaheel Finance Company completed a EGP 7 bn social sukuk issuance, marking the largest issuance of its kind in Africa, according to press release (pdf) from the transaction’s financial advisor CIB.

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The details: The issuance was 1.2x oversubscribed. The issuance was rated A by Middle East Rating and Investors Service (MERIS) and received a top-tier sustainability rating (SQS1) from Moody’s.

Who bought in? Among those who subscribed to the issuance were First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Bank ABC, and SAIB Bank.

What they said: “This issuance represents a milestone in Egypt’s sustainable finance journey,” said CIB Deputy CEO and Managing Director Amr El Ganainy. “We remain committed to financial innovation and inclusion. Through our partnership with Tasaheel, we are reshaping the landscape of Islamic and structured finance, providing financial solutions that drive sustainable development and serve local communities.”

Advisors: CIB, Arab African International Bank (AAIB), Banque du Caire, Al Baraka Bank, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, SAIB Bank, and Bank ABC were underwriters. Meanwhile, CI Capital and AAIB were advisors and co-arrangers. Matouk Bassiouny & Hennawy provided legal counsel, and KPMG was the auditor. Elite Financial Services was independent advisor and the Arab African Investment Management Company was investment manager.

IN OTHER DEBT NEWS-

Attijariwafa Bank Egypt secured USD 20 mn from the International Finance Corporation in tier 2 subordinated debt to strengthen its capital base and expand financing for SMEs and climate projects, according to a statement. The capital injection will enhance Attijariwafa Egypt’s lending capacity, with a focus on women-owned businesses and climate finance.

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