Egypt Delays its First Sukuk Issuance to Fiscal Year 2022/2023: Finance Minister 

Egypt has announced that it will delay its first Sukuk issuance until the forthcoming Fiscal Year (FY) 2022/2023, instead of the current FY 2021/2022, which ends in June, with the primary goal of funding the budget deficit, as per a statement by Minister of Finance, Mohamed Maait, given on the sidelines of the Islamic Development Bank (IsDB) annual meetings hosted from the 1st to the 4th of June 2022.

Why it Matters?

The Sukuk issued by Egypt are not commercial bonds; rather, they are intended to finance the country's budget deficit while also luring new investors to the Egyptian market. The total amount of this issuance is yet to be determined by the government and will be subject to the latest conditions in the global markets. As the Sukuk are a unique...