The Egyptian Financial Supervisory Authority (EFSA) has finalised a draft law to regulate Shari’a compliant debt tools (sukuk); the proposed law includes 30 articles setting a legal framework for the issuance and transaction of sukuk.
The law aims to expand the scope of activities that sukuk can finance and allow the issuance of business sukuk, whose holder agrees to contribute to the capital of the partnership in equal or varying amounts to establish a new project or share in an existing one, the holder is then considered as partner, not creditor………………………………………..Full Article: Source