Prime Minister Mostafa Madbouli said the sovereign Sukuk is one of the most important financing instruments which act as new alternatives for providing necessary funding for the investment and development projects listed on the economic plan of the State budget.

The premier made the remarks at a meeting held on Tuesday 4/1/2022 to follow up measures of issuing the first sovereign Sukuk offerings and related interest rates, in the presence of Finance Minister Mohamed Maait.

During the meeting, the finance minister reviewed the development of the Islamic banking activity, saying that the volume of Islamic banking in Egypt hit about EGP 347 billion by the end of June 2020, and is expected to reach more than EGP 500 billion by the end of June 2022.

He added that the value of deposits in Islamic transactions reached about EGP 321.7 billion in June 2021, with an increase of EGP 31.1 billion, compared to June 2020.

Meanwhile, the value of Islamic-compliant financing hit about EGP 296 billion by the end of the last fiscal year, with an increase of EGP 25 billion, compared to June 2020, he said.

Source: State Information Service Egypt