MEMPHIS REISEN

Islamic Sukuk: Financial solution for economic growth, endorsed by FRA – Dailynewsegypt

The Financial Regulatory Authority (FRA), in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD), the Ministry of Planning and Economic Development, and the Islamic Development Bank Institute, hosted a workshop on Islamic Sukuk at its headquarters. The event was attended by Mohamed Farid, Chairperson of the FRA; Islam Azzam, Vice Chairperson; Sayed Abdel Fadil, Deputy Chairperson of the Supervision and Control Sector on Non-Banking Finance; and other ICD representatives.

Before the workshop, Mohamed Farid met with delegates from the Islamic Development Bank and the ICD. He reiterated the FRA’s commitment to diversifying financial products and fostering innovative financing solutions like Islamic Sukuk, which are currently attracting significant interest from various institutions. Farid highlighted the FRA’s focus on market stability, transaction safety, and the continuous enhancement of regulatory frameworks to safeguard market participants’ rights.

Farid also noted that Islamic Sukuk issuances had reached a total value of EGP 12.8 billion from 2020 to December 2023. He expressed gratitude for the collaboration with the ICD to bolster the Sukuk market and stressed the importance of deepening this partnership.

In his opening remarks at the workshop, Islam Azzam underscored the FRA’s interest in Islamic Sukuk as a financing tool that meets the business community’s needs. He lauded the Islamic Development Bank’s efforts to develop and promote Sharia-compliant financial solutions through capacity building and technical support.