We are proud to have advised the Ministry of Finance (MOF) on Egypt’s first-ever sovereign domestic sukuk program, as well as on the first issuance under that program. The program size was set at EGP 200 billion.

The first issuance — a three-year, fixed-rate sukuk valued at EGP 3 billion — was oversubscribed 5x, reflecting strong demand from leading Gulf financial institutions, including Abu Dhabi Islamic Bank, Kuwait Finance House, Faisal Islamic Bank and Al Baraka Bank, in addition to local primary dealers.

The transaction was led by Hossam Gramon, Partner and Head of Banking and Project Finance, and Ibrahim ElMessery, Counsel, with support from Karima Seyam, Senior Associate, and Junior Associates Malak Zaki, Marc Hany Georgy, Mostafa Khaled Serry, Nour ElKholy and, Nour Osama.

Congratulations to the Ministry of Finance and the Egyptian Financial Company for Sovereign Taskeek on this landmark transaction, and our appreciation to the Central Bank of Egypt and the Egyptian Stock Exchange for their invaluable support.

For more information, read Al Mal Newspaper coverage here.