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Islamic Finance Briefing - Categorized | Bonds (Sukuk), Market Moves more

Egypt: Time for Sukuk

Posted on 19 March 2012

The move to make amendments to the capital market law falls in the framework of the Egyptian government’s objective of reverting to issuing sukuks as a means of raising financing. Earlier this year the minister of finance had been quoted earlier as saying that Egypt would issue sukuks.
The announcement comes at a time when Egypt is facing a growing need for financing. Egypt’s growth rate came to 0.4 per cent during the second quarter of 2011/12, a long way from the 5.6 per cent during the same quarter the previous year. Net international reserves reached $15.7 billion at the end of February 2012, compared to $36 billion in January 2011……………………………………….Full Article: Source

 
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