Egypt will issue its first sovereign sukuk offering before the end of next June, according to Deputy Minister of Finance for Financial Policies, Ahmed Kojak.
Kojak said in a TV interview that the ministry has made great strides in completing the procedures for offering the sukuk, which it is seeking to complete during the current period.
“We are currently preparing for Egypt to join the JPM organ index by the end of this month, expecting that it will be an opportunity for Egypt to join more other indicators,” the Deputy Minister of Finance for Financial Policies added.
Earlier, the Egyptian Cabinet approved the start of the Ministry of Finance procedures for issuing sovereign sukuk in international markets.
Earlier, the Egyptian Finance Minister, Mohamed Maait, confirmed that Egypt is preparing to issue the first sovereign sukuk offering during the second half of the current fiscal year in order to contribute to providing the necessary funding for investment projects included in the economic and social development plan in the state’s general budget, to achieve development goals in a manner consistent with the state’s efforts to enhance aspects of spending on improving the standard of living of citizens, pointing out that the timing, size and type of offering will be determined later.
The minister added that work will be done to issue the executive regulations of the law within three months, in cooperation with the Financial Regulatory Authority (FRA) and Al-Azhar Al-Sharif; this is to give a legal and technical character in accordance with formulas compatible with the principles of Islamic Sharia, in a way that contributes to attracting a new segment of Egyptian and foreign investors wishing to invest in accordance with Islamic law in both local and foreign currencies. In June 2021, the Egyptian House of Representatives approved a draft law submitted by the government to issue the Sovereign Sukuk Law. — Egypt Today
