In an important development for the financial sector, the return on Sovereign Instruments Egypt fell slightly to its due date of 7.71% last Friday, down from 7.73% the previous week, according to the weekly Sukuk performance report.
A slight drop in the price of the instruments was also observed, falling to $101.54 from $101.58 a week earlier.
According to a statement by the Egyptian Ministry of Finance, the ministry was able to resume its activity in international markets at the end of June, through the issuance of a new sovereign sukuk in accordance with the provisions of Islamic law, worth one billion dollars, within the plan of international issuances during the fiscal year 2024-2025.
The ministry said in an official statement that "the second issuance of sovereign sukuk came at an annual interest rate of 7.875% for three years," reflecting the trend towards diversification of investment methods and target markets.Y
