Egypt State Information Service (Cairo)

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

7 January 2013

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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