2 January 2013

Egypt: IRA Rejects Islamic Sukuk Bill

At an emergency meeting on Tuesday 1/1/2013 chaired by Grand Sheikh of al-Azhar Ahmed el-Tayeb, the Islamic Research Academy (IRA) unanimously rejected the Islamic law of the sovereign Sukuk law.

Accounting for the rejection of the bill the IRA cited many risks to the sovereignty of the nation since it gives foreigners the right to own Egyptian land. The fatwa also pointed out that the word "sovereign" in the law means that it will immune against legal actions.

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