{"id":566240,"date":"2021-06-06T13:28:28","date_gmt":"2021-06-06T13:28:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/06\/sovereign-sukuk-act-gets-early-nod-at-the-house\/"},"modified":"2021-06-06T13:28:28","modified_gmt":"2021-06-06T13:28:28","slug":"sovereign-sukuk-act-gets-early-nod-at-the-house","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/06\/sovereign-sukuk-act-gets-early-nod-at-the-house\/","title":{"rendered":"Sovereign Sukuk Act gets early nod at the House"},"content":{"rendered":"

<\/a> Sovereign sukuk get early House nod: <\/strong>The House of Representatives has approved \u201cin principle\u201d the long-awaited Sovereign Sukuk Act in a plenary session this afternoon, paving the way for the government\u2019s inaugural sukuk issuance once it is signed into law, according to Ahram Gate<\/a>. The bill, which still needs a final vote before going to the president for ratification, sets a framework that will regulate Egypt\u2019s sovereign sukuk issuances, including governing how the sharia-compliant debt is securitized and traded. Once ratified, the executive regulations for the bill are expected to be issued within three months. The act had received committee-level approval last month<\/a>.<\/p>\n

Is our maiden sovereign sukuk issuance on the horizon?<\/strong> The government plans to take its first sukuk sale to the market as soon as the bill is ratified, Finance Minister Mohamed Maait said last November<\/a>, though the exact timing as well as size of the planned offering is yet to be determined.<\/p>\n

A rundown on its key elements: <\/strong>The act will allow the government to sell ijara, mudaraba, istisnaa, murabaha, and wekala sukuk in local and international debt markets, according to a copy of the draft law seen by Enterprise in December<\/a>. It will also set a term limit of 30 years on all sovereign sukuk and establish<\/a> the Sovereign Sukuk Company, a joint stock company to execute and manage sales. The act\u2019s executive regulations will cover setting up a regulatory oversight committee,<\/strong> clarifying how disputes between the government and sukuk holders should be handled, and will form an association to protect the rights of investors.<\/p>\n

Don\u2019t know your ijara from your murabaha?<\/strong> We have a rundown on the types of sukuk here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sovereign sukuk get early House nod: The House of Representatives has approved \u201cin principle\u201d the long-awaited Sovereign Sukuk Act in a plenary session this afternoon, paving the way for the government\u2019s inaugural sukuk issuance once it is signed into law, according to Ahram Gate. The bill, which still needs a final vote before going to […]<\/p>\n","protected":false},"author":1,"featured_media":566241,"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":[10078],"tags":[933,88,633,2337,187,86,3285,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-legislation-watch","tag-contact-financial","tag-debt-watch","tag-enterprisepm","tag-islamic-finance","tag-legislation-watch","tag-misr-capital","tag-sovereign-sukuk-act","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"5fde8b70-ab4d-4f0e-9f5f-32c61fb59d72","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/430.jpg","photo_position":"above","related_issue":[566234],"teaser":"","voice_url":""},"yoast_head":"\nSovereign Sukuk Act gets early nod at the House - 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\/06\/06\/sovereign-sukuk-act-gets-early-nod-at-the-house\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sovereign Sukuk Act gets early nod at the House\" \/>\n<meta property=\"og:description\" content=\"Sovereign sukuk get early House nod: The House of Representatives has approved \u201cin principle\u201d the long-awaited Sovereign Sukuk Act in a plenary session this afternoon, paving the way for the government\u2019s inaugural sukuk issuance once it is signed into law, according to Ahram Gate. 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The ministry approved the regulations earlier this month, setting\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\/5\/152.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":566240,"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":555938,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/04\/egypts-maiden-sovereign-sukuk-could-be-in-the-usd-500-mn-range\/","url_meta":{"origin":566240,"position":4},"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":566576,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/28\/one-giant-leap-for-our-sovereign-sukuk-sale\/","url_meta":{"origin":566240,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566240","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=566240"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566240\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566241"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566240"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566240"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}