Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

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Decision of the Board of Directors of the Financial Regulatory Authority

No. (188) of 2018 dated 16/12/2018

Regarding Accounting Standards for Sukuk Issuing Companies and Beneficiary Companies

and Auditing Standards Complied with by Auditors

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Board of Directors of the Financial Regulatory Authority

Having reviewed the Capital Market Law issued by Law No. (95) of 1992 and its executive regulations; and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Presidential Decree No. (192) of 2009 issuing the Basic Statute of the Financial Regulatory Authority; and the approval of the Authority's Board of Directors in its session held on 16/12/2018.

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Has Decided

(Article One)

Sukuk issuing companies and entities benefiting from Sukuk proceeds shall, when preparing and presenting their financial statements, comply with Egyptian Accounting Standards, and these statements shall be audited in accordance with Egyptian Auditing Standards and limited assurance procedures, with reference to Shariah standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions to the extent that they do not conflict with Egyptian Accounting Standards.

(Article Two)

This Decision shall be published in the Egyptian Official Gazette and on the Authority's website, and shall take effect from the day following its publication in the Official Gazette.

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Board of Directors of the Authority

Dr. Mohamed Omran

Office of the Chairman

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46076

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Smart Village, Building no. B-136, Giza Postal Code: 12577 Tel.: (00202) 35345350 - Fax.: (00202) 35370036 www.FRA.gov.eg

Smart Village, Building B-136, Giza, Egypt Postal Code: 12577 Tel.: +202 35345350 - Fax.: +202 35370036 info@fra.gov.eg