Egypt’s cabinet on Wednesday approved a draft law on the issuance of Islamic bonds by the finance ministry and state-run administrative bodies, the State Information Service has reported.
The draft law will be referred to parliament before it officially passes into law. Islamic bonds are similar to ordinary government treasury bills and foreign currency denominated bonds but are in compliance with Islamic sharia law. New sectors, such as individual and investment funds, will now be able to lend money to the government through this financial tool (sukuk)………………………………………..Full Article: Source