Navigating the Eygptian bonds market

Sukuk and their different forms under the Capital Market Law

by Iman Nassar

The Egyptian sukuk [a type of Sharia-compliant bond] market is quite dynamic. It has gained significant popularity following the recent amendments introduced to the Executive Regulations of the Egyptian Capital Market Law no 135 of 1993 in August 2023 (the "ER") in respect of the regulatory overview of sukuk, as well as the issuance of the Sovereign Sukuk Law no 138 of 2021 and its executive regulations. In the same vein, Egypt issued its first US-denominated sovereign Islamic sukuk with a total value of US$1.5 billion on 21 February 2023. ¹