{"id":604567,"date":"2018-12-06T04:03:10","date_gmt":"2018-12-06T04:03:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/06\/fra-sets-framework-for-egypts-sukuk-issuers\/"},"modified":"2018-12-06T04:03:10","modified_gmt":"2018-12-06T04:03:10","slug":"fra-sets-framework-for-egypts-sukuk-issuers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/06\/fra-sets-framework-for-egypts-sukuk-issuers\/","title":{"rendered":"FRA sets framework for Egypt\u2019s sukuk issuers"},"content":{"rendered":"

REGULATION WATCH- FRA sets framework for sukuk issuers: <\/b>The Financial Regulatory Authority (FRA)has set the regulatory framework for sukuk issuers \u2014 who will operate special purpose vehicles (SPVs) that exclusively issue sukuks, the FRA announced yesterday<\/a>. The framework outlines regulations for licensing and establishing SPVs, whose activities under the framework will be limited to investing on behalf of sukuk holders who get paid on a profit \/ loss basis rather than a fixed coupon rate. The issuers are permitted to invest only in sectors compliant with sharia law. The framework also regulates sukuk tenors, investment durations, expected return rates, dividend sharing, and the sukuk exchange and return mechanism. The issuer is also responsible for obtaining credit ratings, asset management, and conducting feasibility studies on an asset.<\/p>\n

Those seeking a sukuk issuer license must have a paid-in capital of at least EGP 10 mn<\/b>, with 50% coming from a single shareholder and 25% from a financial institution. Most board members of a sukuk SPV must have at least three years of experience as finance professionals and must have neither a direct nor indirect stake in the investments of the SPV.<\/p>\n

Are you new to sukuks?<\/b> They are forms of co-ownership and co-investment in cash-generating assets. Because they\u2019re sharia-compliant, they cannot generate income from interest on debt and are therefore 'asset-based,' rather than 'asset-backed.' The former means that the sukuk holders co-invest their money in partnership with companies (or SPVs) set up for the sole purpose of issuing sukuks. Sukuks were introduced through recently passed amendments<\/a> to the Capital Markets Act \u2014 which also allowed margin trading, futures market, and green bonds.<\/p>\n","protected":false},"excerpt":{"rendered":"

REGULATION WATCH- FRA sets framework for sukuk issuers: The Financial Regulatory Authority (FRA)has set the regulatory framework for sukuk issuers \u2014 who will operate special purpose vehicles (SPVs) that exclusively issue sukuks, the FRA announced yesterday. The framework outlines regulations for licensing and establishing SPVs, whose activities under the framework will be limited to investing […]<\/p>\n","protected":false},"author":1,"featured_media":604568,"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":[971,72,76,2337,180,343,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-capital-markets-act","tag-enterpriseam","tag-financial-regulatory-authority","tag-islamic-finance","tag-legislation","tag-regulation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2bbb1288-485e-48e8-8a97-77e43757eb3c","order":"0","is_powered_by":true,"section_story_id":"643c444f-149a-40d1-a010-040444763f6d","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/12\/3306.jpg","photo_position":"above","related_issue":[604551],"teaser":"","voice_url":""},"yoast_head":"\nFRA sets framework for Egypt\u2019s sukuk issuers - 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\/2018\/12\/06\/fra-sets-framework-for-egypts-sukuk-issuers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA sets framework for Egypt\u2019s sukuk issuers\" \/>\n<meta property=\"og:description\" content=\"REGULATION WATCH- FRA sets framework for sukuk issuers: The Financial Regulatory Authority (FRA)has set the regulatory framework for sukuk issuers \u2014 who will operate special purpose vehicles (SPVs) that exclusively issue sukuks, the FRA announced yesterday. 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Sarwa would become the first Egyptian player to hold a sukuk license if its application 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":604466,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/04\/fra-sets-framework-for-short-term-bonds-instruments\/","url_meta":{"origin":604567,"position":1},"title":"FRA sets framework for short-term bonds, instruments","author":"enterpriseam admin","date":"4 December 2018","format":false,"excerpt":"REGULATION WATCH- Aiming to create a market for corporate paper in Egypt, FRA sets framework for short-term bonds, debt instruments: The Financial Regulatory Authority (FRA) has defined the framework and regulations governing short-term debt instruments, including bonds, sukuks, and other securities with maturities of less than two years, FRA boss\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\/4\/232.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593235,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/21\/egypts-first-sukuk-issuance-coming-in-1q2020-green-bonds-coming-next-year\/","url_meta":{"origin":604567,"position":2},"title":"Egypt\u2019s first sukuk issuance coming in 1Q2020, green bonds coming next year","author":"enterpriseam admin","date":"21 November 2019","format":false,"excerpt":"Egypt\u2019s first sukuk issuance coming in 1Q2020? Egypt\u2019s first sukuk issuance is expected to see the light of day before the end of 1Q2020, Financial Regulatory Authority (FRA) boss Mohamed Omran said at a presser yesterday, according to Al Mal. Omran did not disclose any further details on the expected\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\/1\/738.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602476,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/28\/fra-agrees-to-membership-requirements-for-planned-sukuk-supervisor\/","url_meta":{"origin":604567,"position":3},"title":"FRA agrees to membership requirements for planned sukuk supervisor","author":"enterpriseam admin","date":"28 March 2019","format":false,"excerpt":"REGULATION WATCH- FRA agrees to membership requirements for planned sukuk supervisory committee: The Financial Regulatory Authority\u2019s (FRA) board of directors has agreed to the requirements needed to sit on the planned sukuk supervisory committee, it said in a statement. The central supervisory committee would be made up of nine top\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":570284,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/25\/talaat-moustafa-awaiting-fra-approval-for-sukuk-issuance\/","url_meta":{"origin":604567,"position":4},"title":"Talaat Moustafa awaiting FRA approval for sukuk issuance","author":"enterpriseam admin","date":"25 March 2020","format":false,"excerpt":"DEBT WATCH- Market regulator expected to approve TMG\u2019s planned EGP 2 bn corporate sukuk issuance this week: The Financial Regulatory Authority (FRA) is expected to approve this week Talaat Moustafa Group\u2019s (TMG) planned EGP 2 bn corporate sukuk issuance, the head of the FRA\u2019s central administration for finance department tells\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":604567,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604567","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=604567"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604567\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604551"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/604568"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604567"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604567"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}