Tasaheel issues $138mln sukuk to support small business financing
Arab Finance: Tasaheel, Egypt's lender for small businesses and entrepreneurs and part of MNT-Halan, has issued an EGP 7 billion sukuk, the largest in the country's non-bank financial institutions (NBFIs) sector, as per an emailed press release.
It is also the largest socially sustainable sukuk by a non-governmental entity in Africa.
The sukuk received an 'A' credit rating from the Middle East Credit Rating and Investor Services (MERIS) and an 'Excellent' (SQS1) sustainability score from Moody's Rating Agency, reflecting compliance with the Sustainable Sukuk Principles set by the International Capital Market Association (ICMA).
Investor interest in the issuance was strong, with a subscription coverage ratio of 1.2 times.
With a five-year maturity period, the sukuk is structured as a Modaraba Sukuk and has been certified by the Central Shariah Committee at the Financial Regulatory Authority (FRA) and the Sukuk Company Shariah Committee, ensuring compliance with Islamic finance principles.
The funds raised will support Tasaheel's plans to expand financial solutions for underserved businesses and individuals while strengthening its role in Egypt's financial sector.
The issuance was conducted under the supervision of the FRA and was supported by financial and legal advisors, including CIB and CI Capital as financial advisors, Maatouk Bassiouny & Hennawy as legal advisors, and KPMG as transaction auditor.
The sukuk was issued by Alkan for Sukuk and underwritten by CIB, AAIB, El Baraka, and Banque du Caire, with additional participation from SAIB, ABC, FABMisr, Faisal Islamic Bank, and ADCB.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sharjah 24
2 hours ago
- Sharjah 24
Sharjah Islamic Bank lists $500 million sukuk on Nasdaq Dubai
These perpetual sukuk, which cannot be redeemed before six years, were issued by the entity "SIB Tier 1 Sukuk IIND Ltd." They comply with Basel III requirements and saw strong demand from regional and international investors, providing the bank with additional capital to support its long-term growth plans. With this listing, the total value of sukuk listed by Sharjah Islamic Bank on Dubai Nasdaq has risen to $2.5 billion through five listings, enhancing Dubai's strategic role in developing the Islamic capital markets ecosystem. To celebrate the listing, Ahmed Saad, Deputy CEO of Sharjah Islamic Bank, rang the opening bell for the trading session at Dubai Nasdaq, alongside Hamed Ali, CEO of Dubai Nasdaq and Dubai Financial Market. Ahmed Saad stated that the listing of the $500 million perpetual capital sukuk on Dubai Nasdaq is a strategic step that enhances Sharjah Islamic Bank's position as a leading financial institution trusted by investors both locally and internationally. He noted that this issuance supports their long-term growth plans and strengthens their capital base in line with Basel III requirements, solidifying their financial position. He emphasized the importance of the ongoing partnership with Dubai Nasdaq, the leading platform that serves as a comprehensive window to global markets, providing a stimulating environment to attract capital. He mentioned that through this listing, Sharjah Islamic Bank reaffirms its commitment to supporting the UAE's efforts to establish itself as a global hub for Islamic finance and actively contribute to the growth and sustainability of this vital sector. For his part, Hamed Ali, CEO of Dubai Nasdaq and Dubai Financial Market, confirmed that this listing is an important step that goes beyond capital raising, reflecting a comprehensive shift led by pioneering regional institutions like Sharjah Islamic Bank towards developing and diversifying local debt markets. He clarified that as the demand for diverse investment instruments compliant with Islamic law continues to grow, Dubai Nasdaq is solidifying its position as a trusted center for innovation in the Islamic finance sector. The ongoing momentum in sukuk issuances serves as tangible evidence of the maturity of the financial ecosystem, which now bridges local aspirations with global capital flows. He added that the continuous relationship with Sharjah Islamic Bank underscores the strategic role that financial institutions play in building robust capital markets that keep pace with future changes in the UAE and beyond. With this listing, the total value of sukuk listed on Dubai Nasdaq reached $95.7 billion, reinforcing its position as one of the largest global destinations for listing Sharia-compliant fixed-income instruments. The total debt instruments market on Dubai Nasdaq has surpassed $136 billion, distributed across 160 listings, reflecting the growing confidence of international investors in Dubai's status as a key destination connecting capital flows between the Middle East and the world.
Gulf Today
5 hours ago
- Gulf Today
Nasdaq Dubai welcomes listing of $500 million AT1 Sukuk by Sharjah Islamic Bank
Nasdaq Dubai today welcomed the listing of a US$500 million Additional Tier 1 (AT1) Sukuk issued by Sharjah Islamic Bank (SIB). The perpetual, non-call six-year AT1 Capital Certificates were issued by SIB Tier 1 Sukuk IIND Ltd and are compliant with Basel III regulations. The issuance attracted strong interest from both regional and international investors, providing Sharjah Islamic Bank with additional capital to fuel its long-term growth plans. This latest transaction brings the Bank's total outstanding on Nasdaq Dubai to $2.5 billion across five listings. It also reinforces Dubai's strategic role in advancing the Islamic capital markets ecosystem. To mark the occasion, Ahmed Saad, DCEO of Sharjah Islamic Bank, rang the market opening bell at Nasdaq Dubai in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM). Saad commented, 'The successful listing of our $500 million perpetual Additional Tier 1 Sukuk on Nasdaq Dubai marks a significant milestone in Sharjah Islamic Bank's strategic growth journey. This issuance reflects our strong fundamentals, robust investor confidence, and commitment to maintaining a solid capital base in line with Basel III requirements." Ali stated, "This listing reflects more than capital raising —it's part of a broader shift as regional institutions like Sharjah Islamic Bank lead the deepening of local debt markets. As demand for diversified, Shariah-compliant instruments continues to grow, Nasdaq Dubai is proud to serve as a trusted platform for innovation in Islamic finance. "The momentum we are seeing in Sukuk issuances signals a maturing financial ecosystem where local ambition meets global capital flows. SIB's continued engagement underscores the strategic role financial institutions play in building resilient, forward-looking capital markets across the UAE and beyond." With this listing, the total value of Sukuk listed on Nasdaq Dubai has reached $95.7 billion, underlining its status as one of the world's largest venues for Islamic fixed-income securities. Nasdaq Dubai's broader debt capital market has now surpassed $136 billion across 160 listings, reflecting growing international confidence in Dubai as a gateway for capital flows between the Middle East and the world. WAM
Sharjah 24
8 hours ago
- Sharjah 24
SEC reviews 2024 Endowment Trusts Account Report
His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Chairman of the Sharjah Executive Council (SEC), chaired the Council meeting, on Tuesday. The meeting was held at the Sharjah Ruler's Office, in the presence of His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Vice Chairman of the Sharjah Executive Council (SEC). Discussion of Governmental Performance and Public Service Delivery The Council discussed several topics related to monitoring the performance of government departments and implementing the plans and public policies of the Emirate of Sharjah, aiming to provide the best services to communities across various sectors. Review of Sharjah Museums' Services The Council reviewed a report on the services provided by Sharjah museums to visitors across the cities and regions of the Emirate. The report detailed how the museums operate in conveying and documenting historical, cultural, heritage, artistic, and Islamic information, in addition to offering an educational and entertaining experience targeting all age groups from children to adults. Annual Report on Endowment Trust Account for 2024 The Council examined the annual report for the Endowment Trust Account for the year 2024, highlighting the most notable achievements and initiatives carried out. The report showed growth in assets, revenues, and donations to various endowment projects, alongside the completion of a number of endowment projects that reinforced the position of endowment as a sustainable developmental tool. Key Figures and Statistics from the Report The Council was introduced to key figures and statistics from the report, including the income statement for the endowment trust account, the income statement for wills and endowment deeds, endowment projects implemented during 2024, endowment assets, the entities benefiting from endowment implementation inside and outside the country, and endowment investment.
