{"id":599272,"date":"2019-06-24T04:00:35","date_gmt":"2019-06-24T04:00:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/two-companies-express-interest-in-issuing-sukuk-to-fra\/"},"modified":"2019-06-24T04:00:35","modified_gmt":"2019-06-24T04:00:35","slug":"two-companies-express-interest-in-issuing-sukuk-to-fra","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/two-companies-express-interest-in-issuing-sukuk-to-fra\/","title":{"rendered":"Two companies express interest in issuing sukuk to FRA"},"content":{"rendered":"

<\/a> Are we on the cusp of a sukuk issuance spree? <\/b>Two unnamed companies partially owned by the government have expressed their interest in issuing shariah-compliant sukuk bonds to finance new projects this year, sources tell Al Mal<\/a>. One issuance would be worth EGP 1 bn, while the value of the other one has yet to be decided. One of the companies is said to be planning to issue the sukuk itself, while the second company will carry out the issuance through Sarwa Capital. Both have signalled interest to the Financial Regulatory Authority (FRA), the newspaper reports.<\/p>\n

Background:<\/b> The FRA issued<\/a> regulations governing sukuk in April. The regulations stipulate that the bond issuances be approved by a religious committee and issued through an independent body that monitors issuances. It also said issuances must be worth at least EGP 50 mn. We reported yesterday<\/a> that Abu Dhabi Islamic Bank\u2019s investment banking unit Adib Capital Egypt is planning to request regulatory approval from the FRA for a sukuk issuance it is managing for an unnamed local company.<\/p>\n","protected":false},"excerpt":{"rendered":"

Are we on the cusp of a sukuk issuance spree? Two unnamed companies partially owned by the government have expressed their interest in issuing shariah-compliant sukuk bonds to finance new projects this year, sources tell Al Mal. One issuance would be worth EGP 1 bn, while the value of the other one has yet to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[933,72,7087,76,2337,2380,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599272","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-contact-financial","tag-enterpriseam","tag-finance","tag-financial-regulatory-authority","tag-islamic-finance","tag-speed-round","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"7a7e6be0-fc64-46a9-94f3-c06281d9fca5","is_powered_by":true,"section_story_id":"662f6e94-20ce-4582-82be-0b1d9e6a0728","story_type":"1","photo_url":"","photo_position":"above","related_issue":[599260],"teaser":"","voice_url":""},"yoast_head":"\nTwo companies express interest in issuing sukuk to FRA - 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\/2019\/06\/24\/two-companies-express-interest-in-issuing-sukuk-to-fra\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two companies express interest in issuing sukuk to FRA\" \/>\n<meta property=\"og:description\" content=\"Are we on the cusp of a sukuk issuance spree? Two unnamed companies partially owned by the government have expressed their interest in issuing shariah-compliant sukuk bonds to finance new projects this year, sources tell Al Mal. 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The issuance would make ECHEM the first state-owned company to issue sukuk. According to\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":597091,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/16\/sarwa-capital-gets-egypts-first-sukuk-issuer-license\/","url_meta":{"origin":599272,"position":1},"title":"Sarwa Capital gets Egypt\u2019s first sukuk issuer license","author":"enterpriseam admin","date":"16 July 2019","format":false,"excerpt":"Sarwa just got Egypt\u2019s first sukuk issuer license: Consumer- and structured-finance player Sarwa Capital has been granted the country\u2019s first sukuk issuer license by the Financial Regulatory Authority (FRA), the company said in a statement to the bourse (pdf). 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