Matouk Bassiouny & Hennawy | View firm profile
We are pleased and proud to announce that Matouk Bassiouny & Hennawy (“MBH”) acted as legal counsel to Tasaheel for Financing (“Tasaheel”) in connection with their groundbreaking EGP 7 billion sustainable sukuk issuance.
This issuance is the largest of its kind in Africa and Egypt’s first of its kind. It also 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.
Furthermore, the issuance earned an “A” rating from MERIS and a sustainability rating of “1SQS” from Moody’s, demonstrating a firm commitment to the principles of sustainable sukuk as outlined by the International Capital Market Association (ICMA).
The strong demand for the issuance was evident, with 1.2x oversubscription, highlighting its appeal and significance in the financial market.
This landmark issuance paves the way for greater financial inclusion and fosters economic development within local communities, while also setting a new precedent for the region’s future in sustainability responsible investing.
The MBH team advising on the transaction was led by Mohamed Abdel Fattah (Partner and Head of Capital Markets) and Imane Raouf (Partner), and included Abdallah Soliman (Senior Associate), Aya Omar (Associate) and Sherouk Haiba (Associate).