Aswat Masriya (Cairo)

17 January 2013

Egypt: Ex-MP Asks Egyptians to Reject New Islamic Bonds Law

Former member of the now-dissolved parliament Anwar Essmat al-Sadat criticized on Thursday a new draft law to allow sovereign Islamic bonds, calling on the people to reject it through all possible means.

The cabinet had approved the draft law on Wednesday, passing it to the Shura Council (upper house of parliament) to discuss it.

Sadat argued that the "sukuk law" can only be applied in strong economies like in the Gulf countries but not in a struggling economy like Egypt's, reported the Middle East News Agency.

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