MBH advises Tasaheel on sukuk issuance
Matouk Bassiouny & Hennawy (MBH) advised financing solution companyTasaheel in connection with their EGP 7 billion sustainable sukuk issuance.
The sukuk
This operation represents the largest issuance of its kind in Africa and Egypt’s first of its kind. Moreover, it marks the country’s inaugural microfinance sukuk and the first non-sovereign sukuk in Egypt to comply with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards.
Generating 1.2x of oversubscription, the sukuk earned an “A” rating from MERIS and a sustainability rating of “1SQS” from Moody’s.
The team
Partner and head of capital markets Mohamed Abdel Fattah (pictured left) and partner Imane Raouf (pictured right) led the MBH team advising on the transaction, working alongside senior associate Abdallah Soliman, as well as associates Aya Omar and Sherouk.
