7 January 2013

Egypt: Shura Council Will Draft Sukuk Bill If Gov't Was Late

The Shura Council has not officially received yet the bill on Islamic Sukuk (bonds) from the government and would draft one if a delay was made in the government's presentation, said chairman of the council's financial committee Mohamed el-Fiqqi.

On Saturday 6/1/2012, the Finance Ministry refuted accusations by two Islamist Parties on its draft law on issuing Sukuk.

The ministry denied that the bill has loopholes that allow people to acquire state-owned property for Sukuk without confining this to usufructs as alleged by the Muslim Brotherhood"s Freedom and Justice Party and Salafist Al-Nour Party.

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