Egypt will issue its first corporate sukuk, or Islamic bonds, within the upcoming weeks, an official at the Financial Regulatory Authority (FRA) said on Tuesday. FRA department head Sayed Abdel-Fadil told Reuters that CIAF Leasing, an aircraft leasing company, will issue sukuk worth $50 million, becoming the first corporation in Egypt to issue the bonds. A second company, a contractor, will also issue sukuk worth more than 1 billion Egyptian pounds ($62.27 million) within weeks, he added, without providing more details. The official's statements come a few weeks after FRA head Mohamed Omran said the authority is considering the approval of the country's first sukuk issuance next year, worth 750 million pounds. Over the past few years, Egypt has repeatedly announced its intention to issue its first sukuk, but the plan has not yet been realised. Source: Ahram Online