The Shura Council’s financial and economic affairs committee has endorsed the Islamic Research Academy’s rejection of the Finance Ministry’s proposal for Islamic bonds.
Al-Azhar’s body had rejected the bill during an urgent meeting late Tuesday held by Al-Azhar Grand Sheikh Ahmed al-Tayyeb, on the grounds that it “violates Islamic Sharia and endangers the state’s sovereignty.” Academy member and former Grand Mufti Nasr Farid Wasel told Al-Masry Al-Youm that the bill would allow foreigners to own Islamic bonds and shares in local factories and businesses………………………………………..Full Article: Source