Egypt sold the first sovereign Islamic sukuk in its history earlier in February for $1.5 billion
According to the EIFA’s latest data, Islamic banking accounts for approximately 5% of the overall Egyptian banking sector
Maait added that the country’s first-ever issuance reflects the global capital market’s confidence in the Egyptian economy
The sukuk will be Egypt’s entry into Islamic financing, with sukuk issuance estimated at $64.5 billion during Q1 of 2022 according to an April report by Fitch Ratings
Market volatilities, alongside Ramadan’s seasonal market pattern, could affect this growth in the medium term, explained the report
