Just last week, the Egyptian Cabinet approved the start of procedures for issuing sovereign sukuk in international markets
Egypt could witness the country’s first sovereign sukuk offering before the end of next June, according to Deputy Minister of Finance for Financial Policies, Ahmed Kojak.
In a TV interview, the deputy minister stated that the ministry made great strides in completing the procedures for offering the sukuk, aiming to complete the issuance during the current period.
“We are currently preparing for Egypt to join the JPMorgan index by the end of this month, expecting that it will be an opportunity for Egypt to join more other indicators,” Kojak added.
Just last week, the Egyptian Cabinet approved the start of procedures for issuing sovereign sukuk in international markets.
Finance Minister, Mohamed Maait, previously revealed that Egypt was preparing to issue its first ever sukuk offering during the 2nd half of the current fiscal year (FY 2021/2022), which will contribute to providing the necessary funding for investment projects included in the economic and social development plan in the state’s general budget.
Maait added that work on the executive regulations of the law regarding sukuk will be completed within 3 months.
Through issuing the sukuk, the Egyptian government hopes to attract new Egyptian and foreign investors, who prefer Islamic Sharia-compliant transactions.
