Talaat Mostafa Group’s (TMG), the Arab Company for Projects and Urban Development, succeeded in getting the approval of issuing Sukuk, or Islamic bonds, worth EGP 2 bn, Invest-Gate reports.

The shariah-compliant bonds will be available for trading and expedited payment but will not be transferable for shares, the Financial Regulatory Authority (FRA) said in an April 9 statement.

The subsidiary will sell the bonds via private subscription and will list them on the Egyptian Stock Exchange to be publicly traded by investors.

Moreover, the new Sukuk period is for 57 months, up to the end of 2024, the authority added.