ICD Partners with Egypt's Financial Regulator on First-Ever Sukuk Workshop

Cairo, Egypt: The Islamic Corporation for the Development of the Private Sector (ICD), member of the Islamic Development Bank (IsDB), organized a workshop on  Sukukin collaboration with the Financial Supervisory Authority (FSA), the Islamic Development Bank Institute (IsDBI) and the Ministry of Planning and Economic Development.

Over 170 participants gathered at the Financial Regulatory Authority's headquarters to delve into both the theoretical and practical aspects of issuing sukuk. The workshop also explored the experienceof the ICD and the IsDBI in this area, specifically focusing on how to manage excess liquidity within Islamic banks through sukuk issuance.

Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute, echoed his delight at the workshop's success. He highlighted Egypt's position as one of the fastest-growing Sukuk markets in recent years. Dr. Al-Suwailem emphasized that continued awareness-raising and capacity-building efforts in the field of Sukuk will be instrumental in further accelerating this growth trajectory.

Following Dr. Al-Suwailem’ s remarks, Dr. Mohamed Farid, Chairman of the Financial Supervisory Authority, reiterated the Authority's commitment to diversifying financial products. Dr. Farid emphasized their focus on creating and developing innovative financing solutions, including Islamic Sukuk. These solutions aim to meet the evolving needs of the financial and business communities, encompassing individuals and companies. By doing so, the Authority seeks to facilitate access to financing necessary for growth, expansion, and achieving overall goals.

Dr. Farid concluded by acknowledging the cooperation with the ICD and expressed his appreciation for their role in strengthening the Egyptian Sukuk market. He revealed the total value of Sukuk issuances to be 12.8 billion Egyptian pounds from 2020 to the end of December 2023.

About the Islamic Corporation for the Development of the Private Sector (ICD)

ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. ICD's mandate is to support economic development and promote the growth of the private sector in its member countries through providing financing facilities and/or investments in accordance with Shariah principles. Additionally, ICD offers advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises.  ICD is rated ‘A2’ by Moody’s, ‘A+’ by Fitch, and ‘A-’ by S&P. Fr more information, please visit ICD’s website: www.icd-ps.org

About the Islamic Development Bank Institute (IsDBi):

The Islamic Development Bank Institute is the knowledge beacon of the IDB Group, and is responsible for leading the development of innovative, knowledge-based solutions, guided by the principles of Islamic economics and finance, in order to support sustainable economic progress in member countries and other Islamic societies around the world. The Institute is responsible for enabling economic development by conducting pioneering research and original economic analyses, developing human capital, and creating, disseminating and managing knowledge. It also leads initiatives to empower Islamic financial systems to ultimately help member countries achieve their development goals. For more information about the institute, please visit the link www.isdbinstitute.org