{"id":658722,"date":"2025-01-15T00:00:00","date_gmt":"2025-01-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/15\/sukuk-market-is-set-to-maintain-its-momentum-this-year\/"},"modified":"2025-01-15T00:00:00","modified_gmt":"2025-01-15T00:00:00","slug":"sukuk-market-is-set-to-maintain-its-momentum-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/15\/sukuk-market-is-set-to-maintain-its-momentum-this-year\/","title":{"rendered":"Sukuk market is set to maintain its momentum this year"},"content":{"rendered":"

The global sukuk market is expected to keep the ball rolling well into 2025<\/strong>, with global issuances forecast to hit USD 190-200 bn this year, despite the spillover of geopolitical volatility in key sukuk markets, according to a report<\/a> by global ratings agency S&P Global. As global liquidity conditions improve, FCY-denominated sukuk are set to account for USD 70-80 bn of the total volume this year \u2014 compared to USD 72.7 bn in 2024. Sustainable sukuk are expected to contribute around USD 10-12 bn \u2014 a slight increase from USD 11.9 bn last year.<\/p>\n

This forecast follows a solid 2024 for the global sukuk market<\/strong>, with sukuk issuances totaling USD 193 bn, slightly down from USD 197.8 bn in 2023 due to tighter liquidity and fiscal constraints in Turkey and Pakistan. Meanwhile, total FCY sukuk taken to market were up 29% y-o-y to USD 72.7 bn last year, primarily driven by an uptick in borrowing activity from the GCC region led by Saudi Arabia, Malaysia, and Indonesia. <\/p>\n

Monetary easing + geopolitical stability support the outlook:<\/strong> S&P sees monetary easing continuing, supporting the financing needs of major sukuk issuers, particularly in the GCC where diversification away from oil revenues trigger an expansion in financing needs, according to S&P. This accompanied by a stabilizing macroeconomy and supportive liquidity conditions should encourage issuers to debut more offerings.<\/p>\n

A roadblock may be ahead: <\/strong>The sukuk market could face a shake-up in the coming years, with the expected downside risks of the Sharia Standard 62 by the Accounting and Auditing Organization for Islamic Institutions (AAOIFI) forecasted to take shape next year. If implemented, the new standard \u2014 which would shift the focus from contractual obligations to underlying assets \u2014 could increase sukuk issuance costs and introduce additional risks for investors, the rating agency wrote. <\/p>\n

Want to go deeper in all things sukuk?<\/strong> Our favorite Islamic finance podcast Majlis & Markets by Hassan Jivraj covered the broader sukuk topic extensively \u2014 including Shariah standards 59 & 62 \u2014 with S&P Global Ratings\u2019 Global Head of Islamic Finance Mohamed Damak<\/a> and AAOIFI Secretary General Omar Ansari<\/a> in two separate episodes. <\/p>\n

MARKETS THIS MORNING-<\/p>\n

Asian markets were mostly in the green this morning<\/strong>, following Wall Street\u2019s mixed performance on the back of moves on tech stocks. Japan\u2019s Nikkei was up 0.4%, while Shanghai Composite was down 0.2% in early trading. Meanwhile, Wall Street futures are slightly in the green as investors anticipate the US inflation report.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

28,967<\/p>\n<\/td>\n

\n

+1.4% (YTD: -2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 50.39<\/p>\n<\/td>\n

\n

Sell 50.53<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>) <\/strong><\/p>\n<\/td>\n

\n

Buy 50.40<\/p>\n<\/td>\n

\n

Sell 50.50<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,173<\/p>\n<\/td>\n

\n

+0.5% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9498<\/p>\n<\/td>\n

\n

+0.4% (YTD: +0.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

5246<\/p>\n<\/td>\n

\n

+0.3% (YTD: +1.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5843<\/p>\n<\/td>\n

\n

+0.1% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8202<\/p>\n<\/td>\n

\n

-0.3% (YTD: +0.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4980<\/p>\n<\/td>\n

\n

+0.5% (YTD: +1.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 79.92<\/p>\n<\/td>\n

\n

-1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 3.93<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2691.90<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 96,534.40<\/p>\n<\/td>\n

\n

+2.5% (YTD: +3.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 1.4% at yesterday\u2019s close<\/strong> on turnover of EGP 3.7 bn (1.4% below the 90-day average). Regional investors were the sole net buyers. The index is down 2.6% YTD.<\/p>\n

In the green: <\/strong>TMG Holding (+8.3%), Ezz Steel (+6.1%), and Egypt Kuwait Holding -EGP (+3.5%).<\/p>\n

In the red: <\/strong>Cleopatra Hospitals (-2.3%), Emaar Misr (-2.2%), and Fawry (-1.8%).<\/p>\n

CORPORATE ACTIONS-<\/p>\n

#1- Ezz Steel\u2019s board greenlit purchasing the shares of dissenting shareholders after<\/strong> delisting for EGP 138.15 per share<\/strong>, as established<\/a> as the fair value of its shares by financial advisor BDO Keys Financial Consulting, the company said in an EGX disclosure (pdf)<\/a> <\/p>\n

Remember: <\/strong>The Financial Regulatory Authority gave its approval<\/a> for Ezz Steel to begin procedures for delisting its shares from the EGX last month.<\/p>\n

\n

#2- QNB Al Ahli\u2019s board has proposed a cash distribution dividend to shareholders of EGP <\/strong>1.5 per share,<\/strong> the bank said in a disclosure (pdf)<\/a> to the EGX. The proposal will be presented to the bank\u2019s general assembly for approval.<\/p>\n","protected":false},"excerpt":{"rendered":"

FCY-denominated sukuk are set to account for USD 70-80 bn of the total volume of sukuk issuances this year<\/p>\n","protected":false},"author":1,"featured_media":658723,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7210],"tags":[72,119,122,6337],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-658722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-sp-global","wpautop","entry"],"acf":{"mongo_id":"69cbe1ae-51f8-484a-b9a6-2932a073a4ee","order":"15","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1830.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sukuk market is set to maintain its momentum this year","related_issue":[658696],"teaser":"FCY-denominated sukuk are set to account for USD 70-80 bn of the total volume of sukuk issuances this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.cb793367-43a2-465a-a089-56165c78ae0f.mp3"},"yoast_head":"\nSukuk market is set to maintain its momentum this year - 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The USD 1.5 bn issuance was c.4x oversubscribed, attracting an order book of USD 6.1 bn, the ministry said. This narrowed the final yield to 10.875% from\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\/12\/EGP-USD-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596486,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/29\/global-sukuk-issuances-set-for-continued-growth-as-egypt-prepares-to-enter-the-market\/","url_meta":{"origin":658722,"position":1},"title":"Global sukuk issuances set for continued growth as Egypt prepares to enter the market","author":"enterpriseam admin","date":"29 August 2019","format":false,"excerpt":"Global sukuk issuances set for continued steady growth as Egypt prepares to enter the market: Issuances of sukuk (sharia-compliant bonds) are expected to grow 6% to around USD 130 bn in 2019, Moody\u2019s said in a report on Tuesday. The ratings agency sees this year\u2019s surge driven primarily by Malaysia\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":567238,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/16\/egypt-is-pressing-pause-on-usd-denominated-eurobond-issuances-for-the-remainder-of-fy2019-2020\/","url_meta":{"origin":658722,"position":2},"title":"Egypt is pressing pause on USD-denominated eurobond issuances for the remainder of FY2019-2020","author":"enterpriseam admin","date":"16 January 2020","format":false,"excerpt":"EXCLUSIVE- The government is pressing pause on USD-denominated eurobond issuances for the remainder of the current fiscal year and will instead rely on a diverse set of debt instruments during the coming period, Finance Minister Mohamed Maait told Enterprise. Egypt successfully issued USD 2 bn-worth of USD-denominated eurobonds in a\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":577890,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy\/","url_meta":{"origin":658722,"position":3},"title":"Sovereign sukuk + sustainable bond issuances coming this FY?","author":"enterpriseam admin","date":"8 December 2022","format":false,"excerpt":"FinMin could take its maiden sovereign sukuk issuance to market in 1H 2023: The Finance Ministry is planning to sell USD 1.5-2.5 bn of sukuk, a shariah-compliant debt instrument, Finance Minister Mohamed Maait told Reuters yesterday. The timing of the issuance is still undetermined and the ministry will pull the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/155.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559245,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/palm-hills-tapping-al-taamir-for-securitization\/","url_meta":{"origin":658722,"position":4},"title":"Palm Hills tapping Al Taamir for securitization?","author":"enterpriseam admin","date":"14 January 2021","format":false,"excerpt":"Al Taamir is in talks to manage Palm Hills Developments\u2019 (PHD) planned EGP 650 mn securitized bond issuance, which is expected to go to market this quarter, Al Taamir Chairman Mazen Hassan tells Al Mal. 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