29 January 2013

Egypt: Finance Ministry - Sukuk Issuance Will Be in 4th Quarter of Current Fiscal Year

Finance Minister Adviser Ahmed El-Nagar said that the Ministry will start the Sukuk issuance project for financing economic and social projects in the last quarter of the current Fiscal Year's budget.

At a press conference, Nagar noted that proposals by the Islamic Research Academy were taken into consideration, adding that Azhar will review the bill before endorsement.

He noted that a seven-member central Sharia panel will be formed for Sukuk issuance. The premier will be in charge of appointing the panel members - in view the finance minister nominations - for a three-year renewable term.

Asked if Sukuk will cover budget deficit, he said the issue was not raised, but Sukuk will contribute to the success of state investment plans and, hence, help to curb budget deficit.

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