Egypt’s Al Baraka to raise $168m from sukuk sale

Al Baraka Bank Egypt ESC, a Cairo- based Islamic unit of Albaraka Banking Group BSC, expects to raise 1 billion Egyptian pounds ($168 million) from the sale of 10-year Islamic bonds this summer.

The lender has “begun the sale of the floating-rate sukuk this month, and we will keep the sale open for another three months,” Albaraka Group’s Manama-based Chief Executive Officer Adnan Ahmed Yousif said in a telephone interview on Tuesday. “The bank will use the funds to help restructure liabilities” and to finance “growth plans,” he said.