The Financial Regulatory Authority (FRA) approved a program issuing short-term securitization bonds worth LE2 billion, according to FRA Head Mohamed Omran.<\/p>\n
Omran added Wednesday that, as a part of this program, FRA agreed to issue two short-term securitization bonds for Premium International for credit services.<\/p>\n
Omran stated during a conference for announcing the issuance of the first short-term securitization for payment of Premium card that the first offering is worth LE 167 million, while the second will be worth LE 497 million.<\/p>\n
He clarified that this step came as a result of the amendments of the capital market law no. 17 of 2018, which were based on three axes, including short-term securitization, green bonds, and Sukuk.<\/p>\n
Omran added, on the sidelines of a press conference, that the authority seeks to promote such markets, especially short-term debt instruments, as it seeks to finance the capital cycle as a whole, whether through free capital or public capital, which is clear in the law of leasing, finance and collection, explaining that the duration of trading of such instruments starts from 7 days to a maximum of 2 years.<\/p>\n
The conference was attended by Founder and CEO of Premium International for Credit Services Paul Antaki, Co-Head of EFG Hermes’ Investment Banking Division (IBD) Mostafa Gas, and CEO of Arab African International Bank Sherif Elwy.<\/p>\n
In 2018, Egypt\u2019s Parliament ratified the amendments of the Capital Market Law that aims to increase competitiveness and create a more inclusive economic climate. These amendments included offering more protection to minority stakeholders, especially in acquisition cases. It gives the power to the Egyptian exchange to lower the registration fees in case of small businesses and encourage small companies to compete in the market.<\/p>\n
The law also introduces Sukuks to the exchange market. Sukuks are bonds that are compliant with the Sharia law and put the foundation for establishing a union for securities companies.<\/p>\n
Egypt Today<\/p>\n","protected":false},"excerpt":{"rendered":"
The Financial Regulatory Authority (FRA) approved a program issuing short-term securitization bonds worth LE2 billion, according to FRA Head Mohamed Omran. Omran added Wednesday that, as a part of this program, FRA agreed to issue two short-term securitization bonds for Premium International for credit services. Omran stated during a conference for announcing the issuance of […]<\/p>\n","protected":false},"author":40,"featured_media":153248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7863],"tags":[2484,41711,52178,52179,52177],"class_list":["post-153247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-section","tag-egypt","tag-fra","tag-ibd","tag-mostafa-gas","tag-sherif-elwy"],"yoast_head":"\n