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Monday, 13 May 2019

ADIB Capital to manage Egypt’s first sukuk issuance

ADIB Capital to manage the Egypt’s first corporate sukuk issuance: ADIB Capital, the investment banking arm of Abu Dhabi Islamic Bank, will managing a USD 50 mn sukuk issuance that it claims is the first to come out of the nation’s corporate sector, unidentified sources told Hapi Journal. Hapi says its sources declined to disclose the name of the company making the issuance, saying only it is a private-sector player. ADIB, which is acting as financial advisor, is currently working on wrapping up procedures and preparing a prospectus to submit to the Financial Regulatory Authority (FRA). The FRA issued regulations governing the issuance and listing of sukuks last month, stipulating that the shariah-compliant bond issuances be approved by a religious committee, among other things.

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