Egypt to issue first corporate sukuk within weeks; says FRA official

Egypt will issue its first corporate sukuk – or Islamic bonds – within weeks, a Financial Regulatory Authority (FRA) official told Reuters on Tuesday.

CIAF Leasing, an aircraft leasing company, will issue sukuk worth $50 million, the first in Egypt to do so, Sayed Abdel Fadil, an FRA departmental head, further said.

A second company, a contractor, will also issue sukuk worth more than one billion Egyptian pounds ($62 million) within weeks, Abdel Fadil said, without giving the name of the company.