Regulatory Alerts2019-01-01
FRA Board of Directors Resolution No. 50 of 2019 Regarding the Regulation of Certain Provisions Related to Sukuk
The Financial Regulatory Authority (FRA) of Egypt issued Resolution No. 50 of 2019 to establish comprehensive regulatory conditions, issuance limits, and listing procedures for Sukuk (Islamic financial certificates). The resolution mandates that beneficiary entities and independent parties adhere to strict Sharia compliance, financial disclosure, credit rating requirements, and asset segregation rules, while setting minimum issuance thresholds of 50 million EGP for companies and banks, and 100 million EGP for international organizations. It further outlines specific approval processes for international financing institutions, governs private placement listings on Egyptian exchanges, and defines trading controls for unlisted Sukuk to ensure market transparency and investor protection.