21 February 2013

Egypt: Cabinet: Islamic Bonds Not Alternative to Other Funding Tools

The Cabinet, under Prime Minister Hisham Qandil, stressed that the now-debated Sukuk (Sharia-compliant bonds) is not an alternative to the other financing tools.

The final blueprint of the Sukuk bill will be presented to the Cabinet next Wednesday 27/2/2013 after taking into consideration all remarks made by al-Azhar, the Central Bank of Egypt and investment associations. If approved, it will be referred to the Shura Council for endorsement on the same day.

Meanwhile, Supply Minister Bassem Auda reviewed report of stock of local and imported wheat stands at 2.467 million tons, which will suffice until May 29, 2013, the report said, stressing that the government has signed deals to import an additional 643,000 tons that should be enough until June 24.

Sugar stock at companies is estimated to reach 269,000 tons, enough to meet the demands of Egyptians for 66 days, according to the report.

On the other hand, The Cabinet reviewed the security situation based on a report presented by Interior Minister Mohamed Ibrahim.

The Cabinet urged protesters in Tahrir Square to allow the flow of traffic for the sake of citizens. The meeting also tackled the security situation in Port Said.

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