FRA initially approves Abu Dhabi Capital, NBE’s requests to obtain sukuk issuer licence

Daily News Egypt learned that Abu Dhabi Capital, a subsidiary of Abu Dhabi Islamic Bank, and the National Bank of Egypt, obtained the initial approval from the Financial Regulatory Authority (FRA) to establish sukuk issuer companies.

The sources added that the two companies are awaiting final approval to carry out the activity, provided that the capital of each of them is about EGP 10m.

The sources indicated that Banque Misr has already obtained a licence to issue sukuk through a new company which currently manages a number of sukuk issuances, to become the third company to engage in this activity in the Egyptian market.

The first sukuk issuance in Egypt was conducted in favour of Talaat Moustafa Group in 2020 and was managed by EFG Hermes at a value of EGP 2bn, followed by many sukuk issuances, including lease sukuk in favor of Cairo for Investment and Real Estate Development at a value of EGP 600m. During the past year, 6 sukuk issuances were conducted with a total value of EGP 12.851bn.

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