{"id":560866,"date":"2021-03-16T04:24:45","date_gmt":"2021-03-16T04:24:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/house-mulls-changes-to-sovereign-sukuk-act\/"},"modified":"2021-03-16T04:24:45","modified_gmt":"2021-03-16T04:24:45","slug":"house-mulls-changes-to-sovereign-sukuk-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/house-mulls-changes-to-sovereign-sukuk-act\/","title":{"rendered":"House mulls changes to Sovereign Sukuk Act"},"content":{"rendered":"

<\/a> Egypt to exempt sovereign sukuk from local regulatory oversight: <\/strong>A state-owned special purpose vehicle (SPV) that would be set up under the Sovereign Sukuk Act to manage the government\u2019s sukuk sales may not be subject to oversight from the Financial Supervisory Authority if an amendment to a proposed framework governing sovereign sukuk sales passes the House of Representatives, Masrawy<\/a> reported. The amendment, which was proposed by Finance Minister Mohamed Maait and approved \u201cin principle\u201d by the House Economic Committee on Sunday, would ensure the law treats sovereign sukuk in the same manner Egypt\u2019s legal framework treats other instruments sold by the government, including eurobonds, green bonds, and local treasuries. It implies sovereign sukuk sales, unlike corporate sukuk, wouldn\u2019t require the FRA\u2019s approval, but rather an authorization from parliament.<\/p>\n

Why this matters:<\/strong> Egypt\u2019s maiden sovereign sukuk sale is expected soon after the bill makes its way into law. The bill, which received cabinet approval<\/a> in November, would set up a company to issue sukuk on behalf of the government, govern how the debt is securitized and traded, and lay out the rights and responsibilities of sukuk holders \u2014 making sovereign sukuk a legal reality. The bill is currently being discussed by MPs at committee-level, a process after which it should make its way to a final general assembly vote.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt to exempt sovereign sukuk from local regulatory oversight: A state-owned special purpose vehicle (SPV) that would be set up under the Sovereign Sukuk Act to manage the government\u2019s sukuk sales may not be subject to oversight from the Financial Supervisory Authority if an amendment to a proposed framework governing sovereign sukuk sales passes the […]<\/p>\n","protected":false},"author":1,"featured_media":560867,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[96,72,274,187,277,3285,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-abdel-fattah-el-sisi","tag-enterpriseam","tag-house-of-representatives","tag-legislation-watch","tag-mohamed-maait","tag-sovereign-sukuk-act","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"74f53c7b-2c66-47b7-91f4-3992418f3fb8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/214.jpg","photo_position":"above","related_issue":[560857],"teaser":"","voice_url":""},"yoast_head":"\nHouse mulls changes to Sovereign Sukuk Act - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/house-mulls-changes-to-sovereign-sukuk-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House mulls changes to Sovereign Sukuk Act\" \/>\n<meta property=\"og:description\" content=\"Egypt to exempt sovereign sukuk from local regulatory oversight: A state-owned special purpose vehicle (SPV) that would be set up under the Sovereign Sukuk Act to manage the government\u2019s sukuk sales may not be subject to oversight from the Financial Supervisory Authority if an amendment to a proposed framework governing sovereign sukuk sales passes the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/house-mulls-changes-to-sovereign-sukuk-act\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-16T04:24:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/214.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/house-mulls-changes-to-sovereign-sukuk-act\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/house-mulls-changes-to-sovereign-sukuk-act\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"House mulls changes to Sovereign Sukuk Act\",\"datePublished\":\"2021-03-16T04:24:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/house-mulls-changes-to-sovereign-sukuk-act\/\"},\"wordCount\":229,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/house-mulls-changes-to-sovereign-sukuk-act\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/214.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Abdel Fattah El Sisi\",\"EnterpriseAM\",\"House of Representatives\",\"Legislation Watch\",\"Mohamed Maait\",\"Sovereign Sukuk Act\",\"sukuk\"],\"articleSection\":[\"LEGISLATION WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/house-mulls-changes-to-sovereign-sukuk-act\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/house-mulls-changes-to-sovereign-sukuk-act\/\",\"name\":\"House mulls changes to Sovereign Sukuk Act - 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The bill, which still needs a\u2026","rel":"","context":"In "SPEED ROUND: LEGISLATION WATCH"","block_context":{"text":"SPEED ROUND: LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/430.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566576,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/28\/one-giant-leap-for-our-sovereign-sukuk-sale\/","url_meta":{"origin":560866,"position":1},"title":"One giant leap for our sovereign sukuk sale...","author":"enterpriseam admin","date":"28 June 2021","format":false,"excerpt":"The long-awaited Sovereign Sukuk Act will soon be the law of the land, after the House of Representatives gave it a final vote in a plenary session today, Youm7 reports. The act \u2014 which puts in place the legal framework under which the government will issue sharia-compliant debt on international\u2026","rel":"","context":"In "SPEED ROUND: LEGISLATION WATCH"","block_context":{"text":"SPEED ROUND: LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/602.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555938,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/04\/egypts-maiden-sovereign-sukuk-could-be-in-the-usd-500-mn-range\/","url_meta":{"origin":560866,"position":2},"title":"Egypt\u2019s maiden sovereign sukuk could be in the USD 500 mn range","author":"enterpriseam admin","date":"4 October 2021","format":false,"excerpt":"Egypt\u2019s maiden sovereign sukuk offering could be in the range of USD 500 mn, Finance Minister Mohamed Maait told Al Mal. The paper quotes Maait as suggesting that the issuance would not be large and would be \u201csimilar in size\u201d to Egypt\u2019s first sovereign green bond issuance of USD 500\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/42.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569373,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/23\/egypt-inches-closer-to-maiden-sukuk-issuance-as-finmin-completes-sukuk-act\/","url_meta":{"origin":560866,"position":3},"title":"Egypt inches closer to maiden sukuk issuance as FinMin completes Sukuk Act","author":"enterpriseam admin","date":"23 February 2020","format":false,"excerpt":"LEGISLATION WATCH- Egypt inches closer to maiden sukuk issuance as FinMin completes Sukuk Act: The Finance Ministry has completed the drafting of the Sovereign Sukuk Act and passed it to cabinet for review, an official draft suggests (pdf). Cabinet will, after approving the legislation, send it to the House of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564488,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/09\/one-step-closer-to-our-first-sovereign-sukuk-sale\/","url_meta":{"origin":560866,"position":4},"title":"One step closer to our first sovereign sukuk sale","author":"enterpriseam admin","date":"9 February 2021","format":false,"excerpt":"The House of Representatives\u2019 Economic Committee finalized today its amendments to the Sovereign Sukuk Act, which sets the framework by which Egypt will issue sovereign sukuks, according to Al Mal. Most of the amendments appear to be largely cosmetic \u2014 including referring to the special purpose vehicle (SPV) that will\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/422.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564318,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/","url_meta":{"origin":560866,"position":5},"title":"Sovereign sukuk sale coming in 2H FY2021-2022","author":"enterpriseam admin","date":"24 August 2021","format":false,"excerpt":"Egypt is preparing to issue its first tranche of sovereign sukuk in the second half of FY 2021-2022, Finance Minister Mohamed Maait said in a statement today, less than a week after legislation allowing the government to sell the sharia-compliant bonds was signed into law. The ministry provided no further\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/511.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=560866"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560866\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/560867"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560866"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560866"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}