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Sunday, 23 September 2018

Egypt’s sukuk market is full of untapped potential -Moodys.

Egypt’s sukuk market is full of untapped potential -Moodys: Egypt is one of 18 African countries that have a lot of unexplored potential to tap in the sukuk market, Moody’s Investor Service said in a press release about a recent report. The agency expects at least USD 1 bn in sukuk to be issued in Africa between now and the end of 2019 — a piddling sum, but a start, we suppose. “As African sovereigns seek to diversify their funding base, the amount of sukuk they issue will likely increase.”

Why should you care? Finance Minister Mohamed Maait had previously said that Egypt could issue USD or EUR-denominated Islamic bonds, reviving a plan that has been collecting dust since 2013. Maait also said last week that Egypt could tap the global debt market with a USD 5 bn bond issue in 2019.

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