Contact Holding has entrusted the management of a EGP 2 billion sukuk issuance program to Misr Capital and CI Capital, according to informed sources.

The sources added to Al Shorouk's "Money and Business" section that the necessary approvals are being obtained for the sukuk program, which will support the consumer finance activities of Sarwa Contact.

Saeed Zaatar, CEO of Contact Financial Holding, had previously stated that the company intends to issue a sukuk program before the end of this year, noting that the program's value will be offered in a single tranche without being divided.

Last year, Contact completed sukuk issuances totaling EGP 5 billion, the proceeds of which were used to support the portfolios of its subsidiaries and affiliates.