{"id":322756,"date":"2021-07-27T09:00:24","date_gmt":"2021-07-27T09:00:24","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=322756"},"modified":"2021-07-28T09:03:09","modified_gmt":"2021-07-28T09:03:09","slug":"contact-financial-holding-closes-second-sukuk-issuance-worth-egp-2-5bn","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/07\/27\/contact-financial-holding-closes-second-sukuk-issuance-worth-egp-2-5bn\/","title":{"rendered":"Contact Financial Holding closes second Sukuk issuance worth EGP 2.5bn"},"content":{"rendered":"

Contact Financial Holding has\u00a0closed its second Sukuk issuance worth EGP 2.5 billion by its Sukuk arm, Sarwa Sukuk Company.<\/p>\n

<\/div>\n

The\u00a0Shariah-compliant\u00a0Mudaraba Sukuk, which has a seven-year tenor, received a\u00a0high credit rating of A- by Middle East Ratings and Investors Service (MERIS), Contact Financial Holding said in a bourse disclosure on Tuesday.<\/p>\n

The proceeds will be directed to finance\u00a0further expansion of Contact Credit and its subsidiaries.<\/p>\n

This issue marks Contact’s second transaction, bringing\u00a0its total Sukuk issuances\u00a0to EGP 5 billion.<\/p>\n

Sarwa Promotion and Underwriting served\u00a0as lead manager and arranger on the transaction, while Misr Capital was the underwriter alongside Banque Misr.<\/p>\n

The issue was co-underwritten by Commercial International Bank – Egypt (CIB) and Ahli United Bank. Alieldean Weshahi & Partners (ALC) acted as the legal advisor, while Elite Consulting Group acted as the independent financial consultant on the transaction.<\/p>\n

It is noteworthy to mention that\u00a0Sarwa Sukuk Company was the first to receive the Sukuk licence in Egypt by the Financial Regularity Authority (FRA) in July 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

Contact Financial Holding has\u00a0closed its second Sukuk issuance worth EGP 2.5 billion by its Sukuk arm, Sarwa Sukuk Company.<\/p>\n","protected":false},"author":4,"featured_media":322076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,23],"tags":[],"class_list":["post-322756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-money-markets"],"yoast_head":"\nContact Financial Holding closes second Sukuk issuance worth EGP 2.5bn - egy-africa<\/title>\n<meta name=\"description\" content=\"Contact Financial Holding has\u00a0closed its second Sukuk issuance worth EGP 2.5 billion by its Sukuk arm, Sarwa Sukuk Company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2021\/07\/27\/contact-financial-holding-closes-second-sukuk-issuance-worth-egp-2-5bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contact Financial Holding closes second Sukuk issuance worth EGP 2.5bn - 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