{"id":566554,"date":"2021-06-27T13:27:44","date_gmt":"2021-06-27T13:27:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/27\/contact-to-issue-egp-2-5-3-bn-sukuk-in-3q2021\/"},"modified":"2021-06-27T13:27:44","modified_gmt":"2021-06-27T13:27:44","slug":"contact-to-issue-egp-2-5-3-bn-sukuk-in-3q2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/27\/contact-to-issue-egp-2-5-3-bn-sukuk-in-3q2021\/","title":{"rendered":"Contact to issue EGP 2.5-3 bn sukuk in 3Q2021"},"content":{"rendered":"

<\/a> Contact<\/a><\/strong> Financial Holding, formerly Sarwa Capital Holding, will issue sukuk worth EGP <\/strong>2.5-3 bn in 3Q2021 in a bid to finance the activities of its subsidiaries<\/strong>, unnamed source at the company told Enterprise, confirming statements by CEO Saeed Zaatar to local press<\/a>. The company provided no further details on the plan. This will be the second sale after the company closed a EGP 2.5 bn record issuance<\/a> of sukuk last year.<\/p>\n

This won\u2019t be the only sukuk sale this year: <\/strong>Besides its own plan to sell sukuk, Contact is working with others, primarily real estate developers, to manage their sale of EGP 5-7.5 bn worth of the sharia-compliant bonds through its sukuk advisory arm, the source noted, without specifying a timeline. Contact was previously said to be quarterbacking at least three sukuk issuances worth some EGP 10 bn<\/a> and expected to hit the market this year.<\/p>\n

What to expect: <\/strong>The planned sales include a EGP 5.5 bn offering for Palm Hills Development, a EGP 3 bn sale for Hassan Allam Properties, and a EGP 1.1 bn offering for Amer Group. Later in June, Wadi Degla Developments announced plans for a sukuk issuance worth nearly EGP 2 bn<\/a> to be managed by Contact Financial.<\/p>\n

Contact isn\u2019t the only lead manager: <\/strong>It\u2019s in a \u201cstrategic alliance\u201d with state-owned Banque Misr investment arm Misr Capital to work together exclusively on sukuk issuances under a mandate from the government, CFO Ayman El Sawy told us earlier this month<\/a>.<\/p>\n

Some were hoping for a blockbuster year for sukuk \u2026 :<\/strong> Some EGP 5.1 bn of the sharia-compliant securities were issued last year, leading to a number of bold forecasts for 2021. Several market experts have predicted that EGP 20-25 bn<\/a> of sukuk could be issued this year, a fivefold increase on 2020.<\/p>\n

\u2026 But it didn't quite happen, yet: <\/strong>No sukuk sales took place this year. So far, only three companies have issued sukuk since the Financial Regulatory Authority put in place the regulatory framework in 2019<\/a>: Talaat Moustafa Group in April 2020<\/a>, Contact (back when it was called Sarwa) in November 2020<\/a> and private education outfit Cira in December<\/a> of the same year.<\/p>\n

IN OTHER COMPANY NEWS-<\/strong> Contact is one step closer to launching an e-payment unit<\/strong>: Contact has completed all procedures to set up a 99.9% owned e-payments company, dubbed Contact E-payment Solutions, the source at the company said, confirming a separate press report<\/a>. State-owned Banque Misr will collect and settle the new company\u2019s payments, under an agreement signed between both companies, according to the source. The entity\u2019s services will be available through POS and will be plugged into the company\u2019s digital platforms, the source noted. The new entity will also have a dedicated app for the payments of utility bills.<\/p>\n","protected":false},"excerpt":{"rendered":"

Contact Financial Holding, formerly Sarwa Capital Holding, will issue sukuk worth EGP 2.5-3 bn in 3Q2021 in a bid to finance the activities of its subsidiaries, unnamed source at the company told Enterprise, confirming statements by CEO Saeed Zaatar to local press. The company provided no further details on the plan. This will be the […]<\/p>\n","protected":false},"author":1,"featured_media":566555,"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":[10044],"tags":[933,88,633,183],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-debt-watch","tag-contact-financial","tag-debt-watch","tag-enterprisepm","tag-fintech","wpautop","entry"],"acf":{"mongo_id":"a40d14db-a58a-4cdc-8938-0232d8068c6e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/593.jpg","photo_position":"above","related_issue":[566550],"teaser":"","voice_url":""},"yoast_head":"\nContact to issue EGP 2.5-3 bn sukuk in 3Q2021 - 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\/27\/contact-to-issue-egp-2-5-3-bn-sukuk-in-3q2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contact to issue EGP 2.5-3 bn sukuk in 3Q2021\" \/>\n<meta property=\"og:description\" content=\"Contact Financial Holding, formerly Sarwa Capital Holding, will issue sukuk worth EGP 2.5-3 bn in 3Q2021 in a bid to finance the activities of its subsidiaries, unnamed source at the company told Enterprise, confirming statements by CEO Saeed Zaatar to local press. 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The sharia-compliant mudaraba sukuk carries a seven-year tenor and will be used to finance the expansion of\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\/7\/263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543785,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/","url_meta":{"origin":566554,"position":1},"title":"PHD\u2019s board approves EGP 3.25 bn sukuk sale","author":"enterpriseam admin","date":"17 February 2022","format":false,"excerpt":"Palm Hills Developments (PHD) is taking a EGP 3.25 bn sukuk issuance to market after its board of directors signed off on the sale, according to a company disclosure (pdf). The sale, which will be managed by Contact Financial Holdings\u2019 sukuk arm, will finance the real estate developer\u2019s Badya project.PHD\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\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575636,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/21\/egypts-sarwa-amer-to-close-sukuk-sales-before-end-of-2020\/","url_meta":{"origin":566554,"position":2},"title":"Egypt\u2019s Sarwa, Amer to close sukuk sales before end of 2020","author":"enterpriseam admin","date":"21 October 2020","format":false,"excerpt":"DEBT WATCH- Sarwa, Amer to close sukuk sales before 2020 ends: Sukuk issuances by EGX-listed Sarwa Capital and Amer Group are set to go to market before the year is out, the local pressreports, citing sources it says have knowledge of the transactions. Sarwa, a structured- and consumer-finance player, is\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":575039,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/30\/sarwa-capital-unnamed-company-to-issue-egp-4-5-bn-of-sukuk-this-year\/","url_meta":{"origin":566554,"position":3},"title":"Sarwa Capital, unnamed company to issue EGP 4.5 bn of sukuk this year","author":"enterpriseam admin","date":"30 September 2020","format":false,"excerpt":"DEBT WATCH- Two corporate sukuk offerings worth a combined EGP 4.5 bn are expected to go to market this year, including Sarwa Capital\u2019s planned EGP 2.5 bn issuance and another EGP 2 bn sale from an unnamed company in the services industry, head of the Financial Regulatory Authority\u2019s Central Administration\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\/2020\/9\/327.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576560,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/30\/palm-hills-closes-egp-1-25-bn-securitized-bond-sale-more-corporate-sukuk-issuance-on-the-way\/","url_meta":{"origin":566554,"position":4},"title":"Palm Hills closes EGP 1.25 bn securitized bond sale + more corporate sukuk issuance on the way","author":"enterpriseam admin","date":"30 November 2020","format":false,"excerpt":"Palm Hills (PHD) has closed a triple-tranche EGP 1.25 bn securitized bond issuance, in a transaction handled by CI Capital Investment Banking (CIIB) and the Arab African Bank, Palm Hills (pdf) and CI Capital (pdf) said in EGX filings. The issuance, backed by a receivables portfolio worth EGP 1.5 bn,\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\/2020\/11\/310.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549555,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/contact-financial-closes-egp-2-bn-sukuk-issuance\/","url_meta":{"origin":566554,"position":5},"title":"Contact Financial closes EGP 2 bn sukuk issuance","author":"enterpriseam admin","date":"21 September 2022","format":false,"excerpt":"Contact Financial Holding has closed an EGP 2 bn sukuk issuance, after getting the greenlight from the Financial Regulatory Authority (FRA) yesterday, Contact Financial Holding CEO Said Zater told Amwal El Ghad. The sharia-compliant mudaraba sukuk has a seven-year tenor and the proceeds will be used to finance car purchases\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\/9\/300.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\/566554","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=566554"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566554\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566555"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566554"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566554"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}