Egypt appoints 5 banks for sovereign sukuk issuance within 3 months
Updated 4/9/2025 8:44:00 AM
Arab Finance: Egypt has selected five banks, including three Gulf institutions, to act as financial intermediaries and lead advisors for a sovereign Islamic sukuk issuance estimated at $1 billion to $1.5 billion in the second quarter (Q2) of 2025, an unnamed government official told Asharq Business.
This announcement comes ahead of Egypt’s bond maturities, valued at €750 million due on April 11th and $1.5 billion due on June 11th, according to data from the Ministry of Finance.
The appointed banks include HSBC, Citibank, and three Gulf banks, namely Dubai Islamic Bank, First Abu Dhabi Bank, and Abu Dhabi Islamic Bank (ADIB).
These institutions are tasked with organizing investor meetings to market the upcoming sukuk.
In 2023, Egypt issued its first sovereign Islamic sukuk, valued at $1.5 billion, which saw strong demand with $6.1 billion in subscriptions, more than four times the amount offered.
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