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Islamic Finance Briefing - Categorized | Bonds (Sukuk), Market Moves more

Egypt: News of Sukuk issuance agreement creates confusion among Islamist parties

Posted on 18 October 2012

The Ministry of Finance’s head of the Public Debt Unit, Samy Khallaf, declared that a preliminary agreement has been reached with 10 international investment banks to carry out the procedures of issuing the first Egyptian Islamic Sukuk in international markets. The value of the projected Sukuk, Khallafa dded, would range from $750 million to $1 billion, reported Al-Borsa newspaper on Wednesday.
Khallafa added that the move is tied to IMF approval of the $4.8 billion loan which the Egyptian government has requested. Yet, the Ministry has not disclosed any further details regarding the agreement, nor any information regarding projects which the government plan to fund through Sukuk………………………………………..Full Article: Source

 
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