19 February 2013

Egypt: Finance Minister - Referring Sukuk 'Deeds' Draft Law to Cabinet

Minister of Finance Al-Mursy Hegazy said on Monday 18/2/2013 that Sukuk "deeds" draft law will be submitted to the Cabinet to be ratified and referred to the Shura Council for discussion.

In his speech during the inauguration of the 7th int'l Solidarity meeting that the trend of resorting to financial tools that conform to the Islamic Sharia (law) such as deeds and solidarity insurance would not replace other finance tools.

The Minister added that there would not be any selling or mortgage of any of the state's properties or assets, asserting that all amendments demanded by al-Azhar's Islamic Research Academy would be added to the draft law.

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