3 January 2013

Egypt: Shura Council Rejects Islamic Sukuk Bill for Violating Islamic Law

The Shura Council's (SC) economic committee has supported the decision by the Islamic Research Academy of al-Azhar rejecting the bill of the ministry of finance on Islamic Sukuk.

Member of the Shura Council Mohamed El Fiqy said the bill lacks legitimate aspects.

At the same time, al-Azhar Grand Sheikh Ahmed el-Tayyeb referred on Wednesday 2/1/2013 anew draft law over Islamic Sukuks (bonds) to al-Azhar's Senior Scholars Council (ASSC) to give say on the proposed bill.

Earlier in the day, Tayyeb has received a response from the Finance Ministry over a previous bill presented to the al-Azhar's Council.

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