Egypt offers Eid Al-Adha sacrificial sukuk in foreign currency for expatriates

CAIRO – 31 May 2024: The Egyptian government announced the offering of sacrificial bonds (sukuk) in foreign currency for Egyptians living abroad in celebration of Eid Al-Adha.

The initiative is implemented in coordination between the Ministry of Awqaf (Endowments) and the Ministry of Emigration and Egyptian Expatriates' Affairs.

The sacrificial sukuk initiative is adopted by the Ministry of Awqaf (Endowments) and various charities across Egypt. Its aim is to enable Muslims to buy shares in a sacrificial animal for slaughter during Eid Al-Adha.

By purchasing sukuk, individuals authorize the ministry or charity to buy, slaughter, and distribute the meat on their behalf. This allows them to fulfill the Sunnah of slaughtering cattle from the comfort of their own homes and sharing it with the less fortunate.

This year, the Ministry of Awqaf is offering the sacrificial bonds sukuk at a price of LE 8,500 per share for local cattle and LE 6,000 per share for imported cattle.

Egyptians living abroad can deliver the money equivalent to this sum in euros or dollars through specified bank accounts, as stated by the Ministry of Emigration in a statement released on Friday.

The following accounts are available for euro and dollar transactions, respectively, for the purchase of Eid sukuk:

1) Account Name in Arabic: مبادرات ومشاريع وزارة الأوقاف
EUR Account Number: 01400130000002145
EUR IBAN Number: EG: 090002014001400130000002145
Swift Code: BMISEGCXXXX

2) Account Name in Arabic: مبادرات ومشاريع وزارة الأوقاف
USD Account Number: 140012000000780
USD IBAN Number: EG: 710002014001400120000007480
Swift Code: BMISEGCXXXX

Bringing home foreign currency

In recent years, the Egyptian government has actively involved expatriates in national initiatives aimed at providing services to them while also bringing foreign currency into the country.

One such initiative allows expatriates to bring one personal-use vehicle to Egypt without paying customs duties or taxes, including value-added tax (VAT).

Instead, they must make a five-year bank deposit in foreign currency, which can be recovered in Egyptian pounds after maturity.

The zero-customs car import initiative, which recently expired, generated payment orders valued at $1.97 billion, as announced by Minister of Emigration Soha Gendy in early May.

Another notable initiative is the one that enables Egyptian youth abroad to settle their military service status by paying $7,000 or €7,000 through Banque Misr, according to this year’s prices.

This initiative is ongoing until July 1, 2024, and registration is available through the provided link.

Furthermore, Egyptian remittances serve as a significant source of foreign currency for the country.