Any euphoria about Egypt becoming the latest haven for sukuk origination should be immediately tempered with the reality that Egypt is a country in transition with elections — both parliamentary and presidential — due later this year and that the process of adopting sukuk and tax neutrality legislation will be a drawn out process in a country that hitherto was notorious for its lethargic top down bureaucracy.

This euphoria has perceivedly come because of the initial approval last week by the board of directors of the Egyptian Financial Supervisory Authority (EFSA) of a proposal to amend the Executive Regulation of Capital Market Law No. 95 of 1992 regarding the rules governing issuing and trading in sukuk………………………………………Full Article: Source