{"id":564318,"date":"2021-08-24T13:27:38","date_gmt":"2021-08-24T13:27:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/"},"modified":"2021-08-24T13:27:38","modified_gmt":"2021-08-24T13:27:38","slug":"sovereign-sukuk-sale-coming-in-2h-fy2021-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/","title":{"rendered":"Sovereign sukuk sale coming in 2H FY2021-2022"},"content":{"rendered":"

<\/a> Egypt is preparing to issue its first tranche of <\/strong>sovereign sukuk<\/a><\/strong> in the second half <\/strong>of FY 2021-2022<\/strong>, Finance Minister Mohamed Maait said<\/a> 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 details on the timing, size or type of the planned issuance. Maait said in June<\/a> that the ministry is considering a USD 2 bn sale but cautioned at the time that the exact size and timing of the issuance had not been finalized.<\/p>\n

Returns and trading on the securities will be subject to the same tax rules as treasury bonds<\/strong>, Maait said, adding that the sukuk will be issued on both the local and international stock exchanges.<\/p>\n

The news comes less than a week after the Sovereign Sukuk Act was <\/strong>signed into law<\/a><\/strong>, paving the way for the country\u2019s maiden sovereign issuance of the sharia-compliant bonds. The bill sets up a regulatory framework allowing the state to issue a variety of sukuk in local and international debt markets.<\/p>\n

Exec regs landing in November? <\/strong>The executive regulations for the legislation will be issued within the next three months, Maait said. The Financial Regulatory Authority (FRA) and Al Azhar are working with the ministry on the regulations, which when approved by the cabinet will set up a company to manage sukuk offerings and a regulatory body composed of legal, financial and religious experts to manage technical and legal issues. The ministry said earlier this year<\/a> that it would begin working on the sale immediately after the regulations are published.<\/p>\n

Issuing sovereign sukuk is part of a wider strategy to reduce government debt<\/strong> and shift towards longer-term borrowing. To diversify its debts, the ministry last year completed its maiden green bond issuance<\/a> and is planning to sell new \u201cfloating rate\u201d bonds<\/a>, and is focusing on selling longer-term bonds to increase the average maturity.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 details on the timing, size […]<\/p>\n","protected":false},"author":1,"featured_media":564319,"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":[10034],"tags":[2058,104,633,276,76,277,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-economy","tag-al-azhar","tag-economy","tag-enterprisepm","tag-finance-ministry","tag-financial-regulatory-authority","tag-mohamed-maait","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"88126f66-190a-4cdd-a26b-d5ce65a7e762","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/511.jpg","photo_position":"above","related_issue":[564314],"teaser":"","voice_url":""},"yoast_head":"\nSovereign sukuk sale coming in 2H FY2021-2022 - 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\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sovereign sukuk sale coming in 2H FY2021-2022\" \/>\n<meta property=\"og:description\" content=\"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 details on the timing, size […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-24T13:27:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/511.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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Sovereign sukuk sale coming in 2H FY2021-2022\",\"datePublished\":\"2021-08-24T13:27:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/\"},\"wordCount\":328,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/511.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Al Azhar\",\"economy\",\"EnterprisePM\",\"Finance Ministry\",\"Financial Regulatory Authority\",\"Mohamed Maait\",\"sukuk\"],\"articleSection\":[\"SPEED ROUND: ECONOMY\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/\",\"name\":\"Sovereign sukuk sale coming in 2H FY2021-2022 - 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The timing of the issuance is still undetermined and the ministry will pull the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/155.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562869,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/usd-2-bn-sovereign-sukuk-sale-coming-soon\/","url_meta":{"origin":564318,"position":1},"title":"USD 2 bn sovereign sukuk sale coming soon","author":"enterpriseam admin","date":"9 June 2021","format":false,"excerpt":"The Finance Ministry wants to go forward with a USD 2 bn sukuk issuance at the beginning of the next fiscal year in July, marking the first time ever that Egypt has issued sharia-compliant sovereign debt, Finance Minister Mohamed Maait told Al Arabiya in an interview yesterday.The caveat: Nothing is\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\/6\/130.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":564318,"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":542629,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/09\/get-ready-for-sovereign-sukuk-act-exec-regs\/","url_meta":{"origin":564318,"position":3},"title":"Get ready for Sovereign Sukuk Act exec regs","author":"enterpriseam admin","date":"9 January 2022","format":false,"excerpt":"Sovereign Sukuk Act exec regs about to drop? The government is looking to finalize the executive regulations of the Sovereign Sukuk Act by the end of the month, setting the stage for the country\u2019s c.USD 2 bn maiden issuance before the end of the fiscal year in June, Mohamed Hegazy,\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\/2022\/1\/91.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543388,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/were-looking-to-join-euroclear-during-2h2022-another-round-of-green-bonds\/","url_meta":{"origin":564318,"position":4},"title":"We\u2019re looking to join Euroclear during 2H2022 + Another round of green bonds","author":"enterpriseam admin","date":"31 January 2022","format":false,"excerpt":"We likely won\u2019t join Euroclear until 2H2022: Local Egyptian debt probably won\u2019t be made \u201cEuroclearable\u201d until the second half of 2022 due to an unresolved \u201ctechnical point\u201d between the government and the Belgium-based clearinghouse, Finance Minister Mohamed Maait told CNBC Arabia (watch, runtime: 5:26).Why is Euroclear a big thing for\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\/2022\/1\/538.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543920,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/24\/govt-appoints-managers-ahead-usd-2-bn-sukuk-sale\/","url_meta":{"origin":564318,"position":5},"title":"Gov\u2019t appoints managers ahead USD 2 bn sukuk sale","author":"enterpriseam admin","date":"24 February 2022","format":false,"excerpt":"Egypt has reportedly appointed six international banks to manage its maiden USD 2 bn sovereign sukuk issuance, Bloomberg reports, citing unnamed sources it says have knowledge of the matter. The sources reportedly said the issuance could go ahead in the second quarter of this year \u2014 in line with previous\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\/2022\/2\/349.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\/564318","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=564318"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564318\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564314"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564319"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564318"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564318"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}