ALC Advises Bokra on Its EGP 3 billion Sukuk Issuance — ALC holds the biggest market share in Sukuk Issuance with a total value of EGP 13.25 bn after conclusion of its 5th Sukuk

ALC – Alieldean Weshahi & Partners acted as legal counsel to Bokra Sukuk Company S.A.E. (formerly Rawasy Sukuk Company) in connection with its first Sukuk issuance, valued at EGP 3 billion. This milestone transaction marks the ninth Sukuk to be issued in the Egyptian market and the fifth Sukuk successfully advised by ALC, highlighting the firm’s outstanding leadership in Islamic finance and structured capital market instruments in Egypt.

The issuance was carried out for the benefit of Aman Microfinance Company S.A.E. The issuance was rated by the Middle East Rating and Investors Service (MERIS), MERIS assigned a national scale long-term credit rating of BBB+ to the proposed Sukuk issuance by Bokra Sukuk Company S.A.E. (its first issuance). The Sukuk will be issued with a total value of EGP 3 billion, distributed over 30 million Sukuk bonds, each with a par value of EGP 100. The issuance will be offered through a private issuance, to be registered with Misr for Central Clearing, Depository and Registry, and a tradable listing on The Egyptian Exchange (EGX). The Sukuk have a tenor of 84 months, commencing on the day following the closing of the subscription period.

Bokra Holding acted as the issuance company and one of the two offering managers, alongside Al Ahly Pharos Investment Promotion and Underwriting S.A.E. (FRA license no. 392 dated 22 March 2007). Bokra Holding is licensed by the FRA under license no. 912 dated 31 July 2024.

The issuance was underwritten by a syndicate comprising Suez Canal Bank S.A.E., Arab African International Bank S.A.E., Al Baraka Bank Egypt S.A.E., and Al Ahly Pharos, all licensed by the FRA to act as underwriters. Arab African International Bank also served as the receiving bank for the subscription.

Moore Stephens Egypt acted as the independent financial advisor on the transaction. Aman Financial Services S.A.E. was appointed as the security agent, while Suez Canal Bank S.A.E. acted as the paying agent.

“We are proud to have advised on this landmark Sukuk issuance, which contributes to the deepening of the Islamic finance market in Egypt,” said Mahmoud El Araby, Partner and Co-Head of Capital Market at ALC. “This deal is not only a major milestone for Bokra and Aman, but it also underscores the growing appetite for Sharia-compliant capital instruments in the country.” said Dr. Bahaa Alieldean, Founding Partner and Head of Capital Market at ALC.

The proceeds of the Sukuk will be directed toward the expansion of Aman’s financing activities, especially in the microfinance and SME sectors, contributing to financial inclusion and sustainable economic growth in Egypt.

ALC’s advising team was headed by Dr. Bahaa Alieldean, Managing Partner and Head of Capital Market alongside Mahmoud El-Araby Partner and Co-Head of Capital Market in addition to Junior Associates Loay Khaled and Mariam Romana.

For more details on the issuance, please visit the following links:

Aman for Microfinance wraps up EGP 3 bn in sukuk issuance

شين فينج الصينية تضع حجر الأساس لمجمع صناعي بـ 1.7 مليار دولار في السخنة

الرقابة المالية توافق على إصدار صكوك إسلامية بـ 5.8 مليار جنيه – Economy Plus