Dreny & Partners advised Tamweel Mortgage Finance on Egypt’s first-ever Mudarabah Sukuk issuance valued at EGP 5.5 billion
The leading law firm Dreny & Partners advised Tamweel Mortgage Finance Co. on the structuring and issuance of the first-ever mortgage-backed loans Mudarabah Sukuk in Egypt, valued at EGP 5.5 billion. This landmark transaction marks a significant milestone in the development of the nation’s non-banking financial sector and paves the way for future Islamic finance innovations.
This issuance represents a pioneering step in providing an alternative financing solution that aligns with real estate regulations, unlocking a new asset class for investors and offering developers a novel funding avenue, particularly for projects under construction.
Motaz El Dreny, Managing Partner, said,
“We are incredibly proud to have advised on this historic transaction. This was a complex, first-of-its-kind undertaking that required deep expertise in both capital markets and Shariah-compliant structures. It demonstrates our firm’s commitment to delivering innovative legal solutions that drive market evolution and support Egypt’s economic vision.”
The transaction involved the collaboration of several prominent institutions, including Al Ahly Pharos – الأهلي فاروس for Promoting and Underwriting S.A.E. and Arab African International Bank, who acted as financial advisors and lead arrangers. Al Ahly Pharos for Promoting and Underwriting S.A.E. also served as the underwriter, along with Arab African International Bank, National Bank of Egypt (NBE), Suez Canal Bank, and Al Baraka Bank Egypt. Arab African International Bank further acted as the settlement agent, while the National Bank of Egypt served as the bookrunner. Baker Tilly Hilal & Abdel Ghaffar acted as the official auditor, and RSM Egypt – Consulting | FPO served as the independent financial advisor for the transaction.
The transaction Dreny & Partners team was led by Motaz El-Dreny (Managing Partner). The capital market team included Sherine El Menyawy (Senior Associate) and Metwally Sweify (Senior Associate). The corporate and M&A team included Nada Kamal (Managing Associate). The capital market procedures team comprised Nagy Mostafa Ebied (Senior Associate and Head of Capital Market Procedures Team) and Mohamed Youssef (Associate).
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