Arab Finance: The company “Bakra”, which specializes in providing investment and financing solutions guaranteed by assets and compatible with the provisions of Islamic Sharia, has announced the completion of the issuance of speculative instruments worth 3 billion Egyptian pounds, and its duration of 84 months starting from the date of the subscription closure, for the benefit of “Aman to finance projects” affiliated with Aman Holding, according to the statement sent on April 28.
This version comes as a strategic step within the “Bakra” plan to launch its investment products within the category of debt tools as part of its product system, which includes gold, real estate and debt tools designed to enable its customers to achieve their financial goals.
The version was structured and managed through the company “Bakra”, which has played the role of the exporting company and the director of investment through its subsidiary companies, as this issue is carried out for the benefit of the “Aman Financing Projects” company, one of the companies of the Raya Holding Group, and the pioneer in the field of financial technology and the financing of small, medium and micro companies in Egypt, with the aim of financing its portfolio compatible with the provisions of Islamic Sharia.
This version carries a credit rating of BBB +from MERIS, which reflects the strength of the issuance structure and market confidence in the participating entities. The instruments are also included in the Egyptian Stock Exchange.
A number of prominent financial institutions participated in the issue; Including the Suez Canal Bank, the Arab African Bank, Al -Baraka Bank, and Al -Ahly Pharos as a meadow and a coverage.
The office “Ali Al -Din Wahdah” also took over the role of the legal advisor, and the company “MOORE”, the role of the independent financial advisor, while the “Baker Tilly” office made account control work.
The Sharia Committee supervised the compatibility of the issuance with the provisions of Islamic Sharia, and it includes Sheikh Dr. Abbas Shoman, Sheikh Dr. Magdy Ashour and Dr. Muhammad Al -Beltagy.
In this context, Hazem Maghazi, CEO of Aman Holding Company, said: “This version represents an important station in our march to enhance our Islamic financing portfolio. We believe that diversifying the sources of financing and expanding the solutions of financing compatible with Islamic law enhances our ability to support entrepreneurs and small projects, and contribute effectively to achieving sustainable economic development. “
Hossam Hussein, CEO of the group added Raya Financial Investment Holding – (Raya) And the Chairman of the Board of Directors of Aman Traffic Company: “The success of the instructions for the sukuk reflects strong confidence in the performance of security to finance projects and see the long -term investment.
Ayman Al -Sawy, founder and CEO of Bakra, stated: “We are happy to complete this version in line with our strategy to provide investment and financing solutions, for its customers, and this achieves rewarding returns with our full commitment that all of our products be compatible with the provisions of Islamic Sharia, to reach more segments in society and enhance financial inclusion and sustainable development.
In parallel, Ahmed Haider, Managing Director and CEO of Al -Ahly Pharos commented: “Happy to cooperate with all of the safety and reel to complete this distinguished version, which is the first fruitful cooperation between the parties to the issuance, wishing more success to the work group in the future.
He also expressed that the issuance comes in light of the efforts of Al -Ahly Bank Group to advance the Egyptian money market as a whole, especially the issues of sukuk that provide innovative financing solutions. “
For his part, Amir Sharif, Executive Director of Religion tools in Al -Ahly Pharos said: “I thank the team for the efforts he made to promote the version in light of the distinguished pricing structure that is presented for the first time in the Egyptian market, despite the fluctuations of the market, which is a continuation of the group's success story in presenting everything that is innovative.”
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