{"id":603861,"date":"2023-08-22T00:00:00","date_gmt":"2023-08-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/22\/corporate-sukuk-issuances-made-easy\/"},"modified":"2023-08-22T00:00:00","modified_gmt":"2023-08-22T00:00:00","slug":"corporate-sukuk-issuances-made-easy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/22\/corporate-sukuk-issuances-made-easy\/","title":{"rendered":"Corporate sukuk issuances made easy"},"content":{"rendered":"

Sukuk issuances just got easier: <\/strong>Companies will now be able to sell sukuk without first acquiring a credit rating after the Financial Regulatory Authority (FRA) waived the requirement, the regulator said in a statement (pdf)<\/a> yesterday. The move aims to boost the local sukuk market by making it less expensive for firms to take issuances to market, and comes after Prime Minister Moustafa Madbouly greenlit amendments to the executive regulations to the Capital Market Law.<\/p>\n

Planning a sukuk program? You only need to ask once. <\/strong>Under the amendments, companies will only require a single approval before starting a program of multiple sukuk issuances, according to the statement. The program needs to wrap up within three years of the FRA\u2019s approval or a set time period specified by the regulator, whichever is shorter. Companies also must publish a disclosure containing information about the issuance and the investment risks before moving ahead with the sale.<\/p>\n

The local market could use a boost: <\/strong> Since Talaat Moustafa Group debuted corporate sukuk<\/a> in Egypt in 2020, companies have raised some EGP 12.9 bn from selling the shariah-compliant securities, according to data tracked by Enterprise. This is dwarfed by the local securitization market, which has seen firms raise EGP 127 bn over the same period. No corporate sukuk issuances have gone to market so far in 2023.<\/p>\n

Banks are lining up to manage issuances: <\/strong> The regulator has given initial approval for Abu Dhabi Islamic Bank\u2019s Abu Dhabi Capital and the National Bank of Egypt to manage sukuk issuances, Daily News Egypt<\/a> reported yesterday, citing sources.<\/p>\n

Corporate bonds next? <\/strong>The FRA said<\/a> earlier this year that it is also looking to allow companies to issue corporate bonds without a credit rating.<\/p>\n

ALSO- Sustainable funds + expanded ETFs. <\/strong> The regulatory amendments open the door for establishing sustainable development funds that will invest in green and other ESG projects, as well as an expansion of exchange-traded funds. The statement didn\u2019t provide further information on the ETFs or details on the requirements for sustainable funds.<\/p>\n","protected":false},"excerpt":{"rendered":"

Corporate sukuk issuances can now go ahead without a credit rating<\/p>\n","protected":false},"author":1,"featured_media":603862,"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":[8614],"tags":[102,88,72,76,871,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-603861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-watch","tag-capital-markets","tag-debt-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-regulation-watch","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"0164991b-fb6e-4d25-b0cb-3dedaa3b2290","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1012.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s financial regulator moves to boost local sukuk market","related_issue":[603851],"teaser":"Corporate sukuk issuances can now go ahead without a credit rating","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.58ae629b-75a2-44fb-acfe-1fc58bd14e75.mp3"},"yoast_head":"\nCorporate sukuk issuances made easy - 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The regulations stipulate that the shariah-compliant bond issuances be approved by a religious committee and issued through an independent body that monitors the issuance and reports violations.\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":603861,"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). Sarwa now has the green light to issue the sharia-compliant bonds\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":599272,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/two-companies-express-interest-in-issuing-sukuk-to-fra\/","url_meta":{"origin":603861,"position":2},"title":"Two companies express interest in issuing sukuk to FRA","author":"enterpriseam admin","date":"24 June 2019","format":false,"excerpt":"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\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":562675,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/wadi-deglas-real-estate-arm-plans-to-tap-sukuk-market-next-month\/","url_meta":{"origin":603861,"position":3},"title":"Wadi Degla\u2019s real estate arm plans to tap sukuk market next month","author":"enterpriseam admin","date":"2 June 2021","format":false,"excerpt":"Wadi Degla Developments is planning a sukuk issuance worth nearly EGP 2 bn that will be managed by Contact Financial (previously known as Sarwa Capital) and Banque Misr investment arm Misr Capital, Contact Financial CFO Ayman El Sawy tells us. The sale might go ahead in as little as one\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\/37.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":617830,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/nuca-eyes-egp-260-bn-sukuk-issuance-in-2024\/","url_meta":{"origin":603861,"position":4},"title":"NUCA eyes EGP 260 bn sukuk issuance in 2024","author":"enterpriseam admin","date":"28 March 2024","format":false,"excerpt":"NUCA\u2019s issuance would be the first of its kind from a government entity","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\/2024\/3\/2541.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563872,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/contact-makes-first-sukuk-sale-this-year\/","url_meta":{"origin":603861,"position":5},"title":"Contact makes first sukuk sale this year","author":"enterpriseam admin","date":"27 July 2021","format":false,"excerpt":"Contact closes its second EGP 2.5 bn sukuk offering: Contact Financial Holding, formerly Sarwa Capital Holding, has closed its second sukuk issuance worth EGP 2.5 bn, the company said in a statement (pdf). 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/603861","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=603861"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/603861\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/603851"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/603862"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=603861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=603861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=603861"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=603861"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=603861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}