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Tamweely to issue 2bn EGP sukuk
Al Tamweeli Financial Services Company plans to launch Sukuk worth 2 billion Egyptian pounds in collaboration with Al Baraka Capital, aiming to fund its expansions into Sharia-compliant financial products, especially the Murabaha and Agency Investment methods for small and micro-enterprises. The company has also scheduled the issuance of securitization bonds worth 2 billion Egyptian pounds during the last quarter of the year, following two previous issuances totaling nearly 2 billion pounds in 2023 and 2024. Tamweeli has secured funding from the European Bank for Reconstruction and Development amounting to $5 million (approximately 250 million pounds) to support youth, in addition to Al Baraka Bank's approval for a financing of 200 million pounds distributed between the two activities. The company aims to reach financing figures of 5 billion pounds by year's end, with an expected growth of between 10% and 15% in the coming year. Furthermore, the company is working on a digital transformation strategy through digital financing offerings compatible with financial technology ("FinTech") innovations, including electronic procedures for customer verification and facilitating disbursement of funds via a mobile application.
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