Egyptian regulator FRA expected to approve Sarwa Capital’s sukuk issuance

Published 22 Nov,2020 via Daily News Egypt - The Financial Regulatory Authority (FRA) is expected to approve, on Saturday, the Sarwa Capital’s sukuk issuance for the benefit of Contact Finance, informed sources told Daily News Egypt. The anticipated move follows the FRA Sharia Supervisory Committee’s approval of the sukuk’s compliance with Islamic Sharia last Thursday.

Sarwa will issue EGP 2.5bn worth sukuk for the benefit of Contact Finance, comprising over 25m sukuk with a nominal value of EGP 100 per unit, in a private placement for financial institutions and high net worth individuals. The maximum period of the Sukuk is 84 months, starting from the day following the closing of the subscription.

The sukuk holders will be entitled to a variable return that will start to be disbursed from the month following the closing of the subscription to the issuance.

© 2020 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info)

DISCLAIMER: This content is provided to us “as is” and unedited by an external third party provider. We cannot attest to or guarantee the accuracy of information provided in this article from the external third party provider. We do not endorse any views or opinions included in this article.