{"id":13761119,"date":"2023-10-02T10:25:42","date_gmt":"2023-10-02T07:25:42","guid":{"rendered":"https:\/\/fra.gov.eg\/%d8%a7%d9%84%d8%b5%d9%83%d9%88%d9%83\/"},"modified":"2026-04-09T14:28:34","modified_gmt":"2026-04-09T12:28:34","slug":"%d8%a7%d9%84%d8%b5%d9%83%d9%88%d9%83","status":"publish","type":"page","link":"https:\/\/fra.gov.eg\/en\/%d8%a7%d9%84%d8%b5%d9%83%d9%88%d9%83\/","title":{"rendered":"Sukuk"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"13761119\" class=\"elementor elementor-13761119 elementor-12054325\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3f34864 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3f34864\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b09e1e9\" data-id=\"b09e1e9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-549aa3e elementor-widget elementor-widget-text-editor\" data-id=\"549aa3e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p class=\"MsoNormal\">Sukuk play an important role in the development of emerging economies, as they are closely linked to creating added value within the economy and supporting national economic growth. This is because sukuk are connected to the development of the real sector of the economy, thereby contributing to increased investment and faster growth in gross domestic product (GDP).<\/p><p class=\"MsoNormal\">Sukuk are financial instruments that embody opportunities for growth and development. All parties involved in the securitization process are required to adhere to professional and ethical codes of conduct, while ensuring full compliance with the principles and provisions of Islamic Sharia.<\/p><p class=\"MsoNormal\">The issuance of sukuk is also associated with a genuine commitment to sustainable development and responsible stewardship of resources, while promoting balance and fairness between the beneficiary entity and sukuk holders. This ensures equitable rights and obligations and fair distribution of income between the parties in accordance with Islamic Sharia principles. As a result, sukuk contribute to reducing income disparities within society and enhancing social justice.<\/p><p class=\"MsoNormal\">Many emerging economies have successfully utilized sukuk\u2014both sovereign sukuk and corporate sukuk\u2014as financing tools. Globally, sukuk issuances reached approximately USD 190 billion in 2024.<\/p><p class=\"MsoNormal\">In light of this growing importance, the Egyptian legislator established a comprehensive legal framework governing sukuk. Law No. 17 of 2018 was issued to amend certain provisions of Capital Market Law No. 95 of 1992, thereby regulating the legal framework for sukuk. Additionally, Prime Ministerial Decree No. 2479 of 2018 amended certain provisions of the Executive Regulations of the Capital Market Law, setting out the rules governing public offerings, issuance procedures, and the roles of all parties involved in the securitization process before, during, and upon maturity of the sukuk. Furthermore, several resolutions were issued by the Board of the Financial Regulatory Authority (FRA) to complete and strengthen the legislative and regulatory framework governing securitization and sukuk issuance.<\/p><p class=\"MsoNormal\">The first corporate sukuk in Egypt was issued in 2020, followed by successive issuances. By the end of 2023, a total of six sukuk issuances had been completed with a combined value of approximately EGP 12.8 billion. In 2025, an additional five sukuk issuances were completed with a total value of EGP 20.7 billion, bringing the aggregate value of sukuk issued in Egypt to approximately EGP 33.5 billion.<\/p><p style=\"text-align: justify\">\u00a0<\/p><p class=\"MsoNormal\">Further sukuk issuances are expected in the coming period, particularly following amendments to the Sukuk Law allowing for the issuance of unrated sukuk. In addition, the regulatory framework now permits the establishment of sukuk issuance programs, enabling beneficiary entities to issue sukuk under a program framework for a period of up to three years.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-86ac230 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"86ac230\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-569b010\" data-id=\"569b010\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a1baaf5 elementor-tabs-view-horizontal elementor-widget elementor-widget-tabs\" data-id=\"a1baaf5\" data-element_type=\"widget\" data-widget_type=\"tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-tabs\">\n\t\t\t<div class=\"elementor-tabs-wrapper\" role=\"tablist\" >\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1691\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1691\" aria-expanded=\"false\">Global Sukuk Market Developments<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1692\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1692\" aria-expanded=\"false\">Legislative Framework<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1693\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1693\" aria-expanded=\"false\">Sovereign Sukuk<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1694\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"4\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1694\" aria-expanded=\"false\">Information Memoranda<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1695\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"5\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1695\" aria-expanded=\"false\">Research Studies <\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"elementor-tabs-content-wrapper\" role=\"tablist\" aria-orientation=\"vertical\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1691\" aria-expanded=\"false\">Global Sukuk Market Developments<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1691\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1691\" tabindex=\"0\" hidden=\"false\"><p style=\"text-align: justify;\"><span style=\"text-align: left; color: #800000;\"><u><b>Global Sukuk Indicators<\/b><\/u><\/span><\/p><p style=\"text-align: justify;\">The origins of Islamic sukuk date back to 1983, when officials at the Malaysian Central Bank observed that Bank Islam Malaysia Berhad, the first Islamic bank in Malaysia, refrained from holding government bonds or treasury bills because they were not compliant with Islamic Sharia principles. Consequently, the International Islamic Fiqh Academy began exploring alternatives to conventional bonds, leading to proposals for sukuk structures based on mudarabah and the establishment of Sharia rules and guidelines governing ijarah contracts.<\/p><p style=\"text-align: justify;\">The first sukuk issuance took place in Malaysia in 1995 to finance the construction of a power generation plant, with a value of USD 350 million. Subsequently, sukuk issuances expanded across several Islamic economies and later into Western countries such as United Kingdom, Netherlands, and Germany. By 2022, global sukuk issuances had reached approximately USD 190 billion, before declining slightly in 2023.<\/p><p style=\"text-align: justify;\">Outstanding sukuk reached approximately EGP 829.7 billion in 2022, with Sovereign sukuk representing around 50%, Corporate sukuk around 42%, and International institutions around 8%<\/p><p style=\"text-align: justify;\">The leading countries in sovereign sukuk issuance include Saudi Arabia, Malaysia, Indonesia, Kuwait, and Pakistan, collectively accounting for nearly 90% of the total value of sovereign sukuk issuances.<\/p><p style=\"text-align: justify;\">In the corporate sukuk segment, the most prominent issuing countries are Malaysia, T\u00fcrkiye, and Saudi Arabia, which together represent approximately 90% of total corporate sukuk issuance.<\/p><p style=\"text-align: justify;\"><span style=\"text-align: left;\">In terms of sukuk structures, the agency (Wakalah)<\/span><span style=\"text-align: left;\">investment structure is the most widely used, accounting for 27.3% of<\/span><span style=\"text-align: left;\">issuances, followed by (Murabaha) at 24.8%, hybrid sukuk at 17.7%, and (Ijarah) <\/span><span style=\"text-align: left;\">at 16.9% in 2022. Notably, (Musharakah) structures continue to represent less\u00a0<\/span><span style=\"text-align: left;\">than 1% of total issuances.<\/span><\/p><p dir=\"ltr\" style=\"text-align: justify;\"><span style=\"text-align: left; color: #800000;\"><u><b>For further insights into global sukuk indicators, please refer to the following sources:<\/b><\/u><\/span><\/p><ol style=\"text-align: justify;\"><li>Islamic Financial Services Industry Stability Report, issued by the Islamic Financial Services Board\u00a0<\/li><\/ol><p><a href=\"https:\/\/www.ifsb.org\"> https:\/\/www.ifsb.org<\/a><\/p><ol style=\"text-align: justify;\" start=\"2\"><li>Islamic Finance Development Report, issued by the Islamic Corporation for the Development of the Private Sector, an affiliate of the Islamic Development Bank<\/li><\/ol><p style=\"text-align: justify;\"><a href=\"https:\/\/icd-ps.org\">https:\/\/icd-ps.org<\/a><\/p><ol style=\"text-align: justify;\" start=\"3\"><li>State of the Global Islamic Economy Report, issued by the Dubai Islamic Economy Development Centre<\/li><\/ol><p style=\"text-align: justify;\"><a href=\"https:\/\/iedcdubai.ae\">https:\/\/iedcdubai.ae<\/a><\/p><ol style=\"text-align: justify;\" start=\"4\"><li>IIFM Sukuk Report, issued by the International Islamic Financial Market<\/li><\/ol><p style=\"text-align: justify;\"><a href=\"https:\/\/www.iifm.net\">https:\/\/www.iifm.net<\/a><\/p><ol start=\"5\"><li style=\"text-align: justify;\">Additional ad hoc reports issued by institutions such as the Islamic Development Bank Institute and the Saudi Central Bank.<\/li><\/ol><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1692\" aria-expanded=\"false\">Legislative Framework<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1692\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1692\" tabindex=\"0\" hidden=\"hidden\"><table style=\"border-collapse: collapse;width: 100%;height: 312px\"><tbody><tr style=\"height: 24px\"><td style=\"width: 33.3333%;text-align: center;height: 24px\"><table class=\"MsoTableGrid\" style=\"border: initial none initial\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\"><tbody><tr><td style=\"width: 233.75pt;border-width: 1pt;border-right-style: solid;border-bottom-style: solid;border-left-style: solid;border-color: windowtext;padding: 0cm 5.4pt\" valign=\"top\" width=\"312\"><p class=\"MsoNormal\" style=\"margin-bottom: 0cm;line-height: normal\">Decisions of the Authority\u2019s Board of Directors:<\/p><\/td><\/tr><\/tbody><\/table><\/td><td style=\"width: 33.3333%\" width=\"312\"><p>Executive Regulations<\/p><\/td><td style=\"width: 33.3333%\" width=\"312\"><p>Law<\/p><\/td><\/tr><tr style=\"height: 56px\"><td style=\"width: 33.3333%;height: 56px\" width=\"312\"><p>Decision No. 176 of 2018<\/p><\/td><td style=\"width: 33.3333%\" width=\"312\"><p>Decision No. 3456 of 2022<\/p><\/td><td style=\"width: 33.3333%\" width=\"312\"><p>Law No. 17 of 2018<\/p><\/td><\/tr><tr style=\"height: 56px\"><td style=\"width: 33.3333%;height: 56px\" width=\"312\"><p>Decision No. 3045 of 2023<\/p><\/td><td style=\"width: 33.3333%\" width=\"312\"><p>Decision No. 2479 of 2018<\/p><\/td><td style=\"width: 33.3333%;text-align: center;height: 56px\">\u00a0<\/td><\/tr><tr style=\"height: 56px\"><td style=\"width: 33.3333%;height: 56px\" width=\"312\"><p>Decision No. 119 of 2020<\/p><\/td><td style=\"width: 33.3333%\" width=\"312\"><p>Decision No. 1760 of 2020<\/p><\/td><td style=\"width: 33.3333%;text-align: center;height: 56px\">\u00a0<\/td><\/tr><tr><td style=\"width: 33.3333%\" width=\"312\"><p>Decision No. 178 of 2019<\/p><\/td><td style=\"width: 33.3333%;text-align: center;height: 24px\">\u00a0<\/td><td style=\"width: 33.3333%;text-align: center;height: 24px\">\u00a0<\/td><\/tr><tr><td style=\"width: 33.3333%\" width=\"312\"><p>Decision No. 50 of 2019<\/p><\/td><td style=\"width: 33.3333%;text-align: center;height: 24px\">\u00a0<\/td><td style=\"width: 33.3333%;text-align: center;height: 24px\">\u00a0<\/td><\/tr><tr><td style=\"width: 33.3333%\" width=\"312\"><p>Decision No. 99 of 2020<\/p><\/td><td style=\"width: 33.3333%;text-align: center;height: 24px\">\u00a0<\/td><td style=\"width: 33.3333%;text-align: center;height: 24px\">\u00a0<\/td><\/tr><tr><td style=\"width: 33.3333%\" width=\"312\"><p>Decision No. 120 of 2020<\/p><\/td><td style=\"width: 33.3333%;text-align: center;height: 24px\">\u00a0<\/td><td style=\"width: 33.3333%;text-align: center;height: 24px\">\u00a0<\/td><\/tr><tr><td style=\"width: 33.3333%\" width=\"312\"><p>Decision No. 188 of 2018<\/p><\/td><td style=\"width: 33.3333%;text-align: center;height: 24px\">\u00a0<\/td><td style=\"width: 33.3333%;text-align: center;height: 24px\">\u00a0<\/td><\/tr><\/tbody><\/table><p style=\"direction: rtl\">\u00a0<\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"3\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1693\" aria-expanded=\"false\">Sovereign Sukuk<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1693\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1693\" tabindex=\"0\" hidden=\"hidden\"><p>Egypt issued the Sovereign Sukuk Law in 2021, followed by its Executive Regulations in April 2022, introducing a new type of government security that complies with the principles of Islamic Sharia. The initiative aims to diversify sources of financing for the state.<\/p><p>Under the Sovereign Sukuk Law, sovereign sukuk are defined as equal-value, tradable, registered government securities issued for a specified period not exceeding 30 years, representing undivided shares in the usufruct rights of assets, as specified in the issuance prospectus.<\/p><p>The issuance of sovereign sukuk is based on usufruct rights of privately owned state assets. This is carried out through the sale or lease of usufruct rights to such assets, or through any other structure consistent with the issuance contract, while ensuring the sukuk holder\u2019s share in accordance with Islamic Sharia principles.<\/p><p>Pursuant to the Sovereign Sukuk Law, the Egyptian Financial Company for Sovereign Taskeek was established as an Egyptian joint-stock company wholly owned by the Ministry of Finance. The company is responsible for supervising the privately owned state assets upon which sukuk issuances are based.<\/p><p>On 28 February 2023, the Ministry of Finance, through the Egyptian Financial Company for Sovereign Taskeek, successfully issued Egypt\u2019s first sovereign sukuk, structured under the Ijara format, with a value of USD 1.5 billion and a maturity of three years. This issuance formed part of a broader USD 5 billion sovereign sukuk issuance program.<\/p><p>Subscription orders reached approximately USD 6.1 billion, representing more than four times oversubscription, with participation from over 250 investors across global capital markets. The issuance cost was more than 70 basis points lower than the yield required on Egyptian bonds in the international secondary markets. The coupon rate was reduced by approximately 75 basis points, declining from the initial guidance of 11.625% to 10.875% at closing.<\/p><p>The issuance attracted a new investor base from the Gulf and East Asia, in addition to investors from Europe and the United States, particularly those seeking Sharia-compliant financial instruments. The offering also benefited from a high-quality investor mix, including pension funds, insurance companies, investment funds, and banks, many of which typically maintain long-term investment positions, thereby helping reduce price volatility.<\/p><p>The issuance was executed in cooperation with leading banks specializing in Islamic finance and sukuk issuances, alongside local and international law firms to cover all technical, legal, and marketing aspects in accordance with global best practices and in compliance with Islamic Sharia principles.<\/p><p><span style=\"color: #800000\"><strong><u>For more information on sovereign sukuk:<\/u><\/strong><\/span><\/p><p style=\"text-align: justify\">\u00a0<\/p><ul><li>Law No. 138 of 2021 issuing the Sovereign Sukuk Law<\/li><li>Executive Regulations of the Sovereign Sukuk Law<\/li><li>Website of the Egyptian Financial Company for Sovereign Taskeek<\/li><\/ul><p><a href=\"https:\/\/efcst.net\/EG\/index.html\">https:\/\/efcst.net\/EG\/index.html\u00a0<\/a><\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"4\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1694\" aria-expanded=\"false\">Information Memoranda<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1694\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1694\" tabindex=\"0\" hidden=\"hidden\"><div class=\"container mt-3\">\n<p>search: <input id=\"myInput\" class=\"form-control\" type=\"text\" placeholder=\"Search..\"><\/p>\n<table class=\"table table-bordered\" style=\"width: 96.7787%\">\n<thead>\n<tr style=\"background-color: #8c8c8c\">\n<th style=\"text-align: center;width: 62.031%\">company name<\/th>\n<th style=\"text-align: center;width: 50.8041%\">PDF<\/th>\n<\/tr>\n<\/thead>\n<tbody id=\"myTable\">\n<tr>\n<td style=\"width: 62.031%\" width=\"312\">\n<p>Information Memorandum \u2013 Hermes 1<\/p>\n<\/td>\n<td style=\"text-align: center;width: 50.8041%\"><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/\u0645\u0630\u0643\u0631\u0629-\u0645\u0639\u0644\u0648\u0645\u0627\u062a-\u0647\u064a\u0631\u0645\u064a\u0633-1.pdf\" target=\"_blank\" rel=\"noopener\"><img class=\"wp-image-13862565 aligncenter\" src=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/images.png\" alt=\"\" width=\"59\" height=\"33\"><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 62.031%\" width=\"312\">\n<p>Information Memorandum \u2013 Hermes 2<\/p>\n<\/td>\n<td style=\"text-align: center;width: 50.8041%\"><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/\u0645\u0630\u0643\u0631\u0629-\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a-\u0647\u064a\u0631\u0645\u064a\u0633-2.pdf\" target=\"_blank\" rel=\"noopener\"><img class=\"wp-image-13862565 aligncenter\" src=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/images.png\" alt=\"\" width=\"59\" height=\"33\"><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 62.031%\" width=\"312\">\n<p>Information Memorandum \u2013 Sarwa 1<\/p>\n<\/td>\n<td style=\"text-align: center;width: 50.8041%\"><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/\u0645\u0630\u0643\u0631\u0629-\u0645\u0639\u0644\u0648\u0645\u0627\u062a-\u062b\u0631\u0648\u0629-1.pdf\" target=\"_blank\" rel=\"noopener\"><img class=\"wp-image-13862565 aligncenter\" src=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/images.png\" alt=\"\" width=\"59\" height=\"33\"><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 62.031%\" width=\"312\">\n<p>Information Memorandum \u2013 Sarwa 2<\/p>\n<\/td>\n<td style=\"text-align: center;width: 50.8041%\"><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/\u0645\u0630\u0643\u0631\u0629-\u0645\u0639\u0644\u0648\u0645\u0627\u062a-\u062b\u0631\u0648\u0629-2.pdf\" target=\"_blank\" rel=\"noopener\"><img class=\"wp-image-13862565 aligncenter\" src=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/images.png\" alt=\"\" width=\"59\" height=\"33\"><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 62.031%\" width=\"312\">\n<p>Information Memorandum \u2013 Sarwa 3<\/p>\n<\/td>\n<td style=\"text-align: center;width: 50.8041%\"><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/\u0645\u0630\u0643\u0631\u0629-\u0645\u0639\u0644\u0648\u0645\u0627\u062a-\u062b\u0631\u0648\u0629-3.pdf\" target=\"_blank\" rel=\"noopener\"><img class=\"wp-image-13862565 aligncenter\" src=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/images.png\" alt=\"\" width=\"59\" height=\"33\"><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 62.031%\" width=\"312\">\n<p>Information Memorandum \u2013 Sarwa 4<\/p>\n<\/td>\n<td style=\"text-align: center;width: 50.8041%\"><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/\u0645\u0630\u0643\u0631\u0629-\u0645\u0639\u0644\u0648\u0645\u0627\u062a-\u062b\u0631\u0648\u0629-4.pdf\" target=\"_blank\" rel=\"noopener\"><img class=\"wp-image-13862565 aligncenter\" src=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/images.png\" alt=\"\" width=\"59\" height=\"33\"><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 62.031%\" width=\"312\">\n<p>Indicative Template for a Subscription Prospectus<\/p>\n<\/td>\n<td style=\"text-align: center;width: 50.8041%\"><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/10\/\u0646\u0645\u0648\u0630\u062c-\u0627\u0633\u062a\u0631\u0634\u0627\u062f\u0649-\u0644\u0646\u0634\u0631\u0629-\u0627\u0643\u062a\u062a\u0627\u0628-\u0635\u0643\u0648\u0643-1.pdf\" target=\"_blank\" rel=\"noopener\"><img class=\"wp-image-13862565 aligncenter\" src=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/09\/images.png\" alt=\"\" width=\"59\" height=\"33\"><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"5\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1695\" aria-expanded=\"false\">Research Studies <\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1695\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1695\" tabindex=\"0\" hidden=\"hidden\"><ul><li><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/10\/\u0623\u0633\u0627\u0633\u064a\u0627\u062a-\u0635\u064a\u063a-\u0627\u0644\u062a\u0645\u0648\u064a\u0644-\u0627\u0644\u0627\u0633\u0644\u0627\u0645\u064a-\u0627\u0644\u0645\u0637\u0628\u0642\u0629-\u0641\u064a-\u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f-\u0627\u0644\u0627\u0633\u0644\u0627\u0645\u064a.pdf\">Fundamentals of Islamic Financing Structures Applied in the Islamic Economy<\/a><br \/><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/10\/\u0627\u0644\u0635\u0643\u0648\u0643-\u0627\u0644\u0625\u0633\u0644\u0627\u0645\u064a\u0629-\u0627\u0644\u062e\u0636\u0631\u0627\u0621-\u0646\u0645\u0648\u0630\u062c-\u0648\u0627\u0639\u062f-\u0644\u0644\u062a\u0645\u0648\u064a\u0644-\u0627\u0644\u0625\u0633\u0644\u0627\u0645\u064a-\u0639\u0631\u0636-\u0644\u0628\u0639\u0636-\u0627\u0644\u062a\u062c\u0627\u0631\u0628-\u0627\u0644\u062f\u0648\u0644\u064a\u0629.pdf\">Green Islamic Sukuk: A Promising Model for Islamic Finance \u2013 A Review of Selected International Experiences<\/a><br \/><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/10\/\u0627\u0644\u0635\u0643\u0648\u0643-\u0627\u0644\u0625\u0633\u0644\u0627\u0645\u064a\u0629-\u0643\u0628\u062f\u064a\u0644-\u0634\u0631\u0639\u064a-\u0644\u0623\u062f\u0648\u0627\u062a-\u0627\u0644\u062f\u0651\u064e\u064a\u0646-\u0641\u064a-\u0627\u0644\u062a\u0645\u0648\u064a\u0644-\u0648-\u0627\u0644\u062a\u0646\u0645\u064a\u0629-1.pdf\">Islamic Sukuk as a Sharia-Compliant Alternative to Debt Instruments in Financing and Development (1)<\/a><br \/><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/10\/\u0627\u0644\u0635\u0643\u0648\u0643-\u0627\u0644\u0625\u0633\u0644\u0627\u0645\u064a\u0629-\u0648\u062f\u0648\u0631\u0647\u0627-\u0641\u064a-\u062a\u0637\u0648\u064a\u0631-\u0627\u0644\u0633\u0648\u0642-\u0627\u0644\u0645\u0627\u0644\u064a\u0629-\u0627\u0644\u0625\u0633\u0644\u0627\u0645\u064a\u0629-\u062a\u062c\u0631\u0628\u0629-\u0627\u0644\u0633\u0648\u0642-\u0627\u0644\u0645\u0627\u0644\u064a\u0629-\u0627\u0644\u0625\u0633\u0644\u0627\u0645\u064a\u0629-\u0627\u0644\u062f\u0648\u0644\u064a\u0629-\u0627\u0644\u0628\u062d\u0631\u064a\u0646-.pdf\">Islamic Sukuk and Their Role in Developing the Islamic Financial Market: The Experience of the International Islamic Financial Market \u2013 Bahrain<\/a><br \/><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/10\/\u0627\u0644\u0635\u0643\u0648\u0643-\u0648\u0645\u0633\u062a\u0642\u0628\u0644-\u0627\u0644\u062a\u0646\u0645\u064a\u0629.pdf\">Sukuk and the Future of Development Financial, Sharia, and Regulatory Controls Governing Sukuk: A Comparative Study<\/a><br \/><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/10\/\u0627\u0644\u0636\u0648\u0627\u0628\u0637-\u0627\u0644\u0645\u0627\u0644\u064a\u0629\u0648\u0627\u0644\u0634\u0631\u0639\u064a\u0629-\u0648\u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0647-\u0644\u0644\u0635\u0643\u0648\u0643-\u062f\u0631\u0627\u0633\u0629-\u0645\u0642\u0627\u0631\u0646\u0647.pdf\">Financial Engineering Mechanisms as a Tool for Managing Islamic Sukuk Risks, the Impact of the Financial Crisis on the International Islamic Sukuk Market, and Sharia Rulings<\/a><br \/><a href=\"https:\/\/fra.gov.eg\/wp-content\/uploads\/2024\/10\/\u0622\u0644\u064a\u0627\u062a-\u0627\u0644\u0647\u0646\u062f\u0633\u0629-\u0627\u0644\u0645\u0627\u0644\u064a\u0629-\u0643\u0623\u062f\u0627\u0629-\u0644\u0625\u062f\u0627\u0631\u0629-\u0645\u062e\u0627\u0637\u0631-\u0627\u0644\u0635\u0643\u0648\u0643-\u0627\u0644\u0625\u0633\u0644\u0627\u0645\u064a\u0629-\u0648\u0623\u062b\u0631-\u0627\u0644\u0623\u0632\u0645\u0629-\u0627\u0644\u0645\u0627\u0644\u064a\u0629-\u0639\u0644\u0649-\u0633\u0648\u0642-\u0627\u0644\u0635\u0643\u0648\u0643-\u0627\u0644\u0625\u0633\u0644\u0627\u0645\u064a\u0629-\u0627\u0644\u062f\u0648\u0644\u064a\u0629-\u0648\u0623\u062d\u0643\u0627\u0645-\u0627\u0644\u0634\u0631\u064a\u0639\u0629.pdf\">The Development of the Islamic Financial Industry<\/a><\/li><\/ul><\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<div class=\"tmnf_excerpt\"><p>Sukuk play an important role in the development of emerging economies, as they are closely linked to creating added value within the economy and supporting national economic growth. This is because sukuk are connected to the development of the real sector of the economy, thereby contributing to increased investment and faster growth in gross domestic &hellip;<\/p>\n<\/div>","protected":false},"author":92,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/pages\/13761119"}],"collection":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/comments?post=13761119"}],"version-history":[{"count":90,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/pages\/13761119\/revisions"}],"predecessor-version":[{"id":22122736,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/pages\/13761119\/revisions\/22122736"}],"wp:attachment":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media?parent=13761119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/categories?post=13761119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/tags?post=13761119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}