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Markets not ready for Egypt’s 1st sovereign sukuk issuance: Maait

Markets not ready for Egypt’s 1st sovereign sukuk issuance: Maait

Arab Finance: Egypt is ready for issuing its first sovereign sukuk, however, the current conditions of global markets are unfavorable for the offering launch, which was scheduled to take place before the end of 2022, Asharq Business reported on June 12th, citing Minister of Finance Mohamed Maait.

The sukuk offering will remain on-hold until the time is ripe, Maait added on the sidelines of his meeting with a group of South Korean investors in Cairo.

In February, Egypt hired six banks including Citi Group and HSBC to manage its first sovereign sukuk offering.

On June 5th, Maait stated that the Egyptian government considers the issuance of the first sovereign sukuk over the coming period.

It is worth noting that Minister of Finance Mohamed Maait previously announced that Egypt would issue the first sovereign sukuk in the second half (H2) of fiscal year (FY) 2021/2022.

In April, the Egyptian Cabinet approved the executive regulations of the Sovereign Sukuk Law No. 138 of 2021.

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