Sarwa Capital addresses regulators to found securitization firm

Monday 31 December 2018 02:10 PM

Tharwa Capital
Tharwa Capital

Al Mal:
Sarwa Capital has submitted a request to Financial Regulatory Authority (FRA) to establish the first securitization company in the local market.
In previous press statements, Sarwa Capital officials said that the firm pays greater attention to issuing sukuk during 2019 through creating a company tasked with managing and organizing sukuk issuance as financing vehicle for projects.
Sarwa also asserted its interest in issuing sukuk and developing new covered and short-term bonds over the coming period.
In previous news statements, the deputy chairman of FRA Khaled El Nashaar said that the authority   received the first request to found a securitization firm in the local market, but he did not unveil the name of the company that submitted the request.
FRA has recently issued a decision on the requirements of creating and licensing securitization companies.
The decision obliges companies wishing to be registered among operators to fulfil many requirements. Firstly, the activity must be limited to securitization; secondly, capital must not be less than EGP 10mn ( or equivalent in foreign currency).