15.02.2012 - Egypt Sukuk will be great for the Islamic market — but not yet
Egypt’s announcement last week that it plans to issue a $2bn sovereign sukuk was a welcome advertisement that put the country back on the map for investors and underscored the change in its attitude towards Islamic finance. But it should not be hasty. A lot more work needs to be done before Egypt attempts to access this line of funding. The acceleration of Egypt’s quest for an Islamic bond might have something to do with the country’s difficulty in accessing more traditional forms of finance. Last week’s announcement of a $2bn target for a sovereign sukuk came shortly after the country’s central bank struggled to attract much interest in an auction of five year bonds. And it failed to sell any six year paper at all...............................................Full Article: Source
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