After weeks of discussion and preparation of a new sukuk, or Islamic bonds law, the Islamic Research Academy of Al-Azhar (IRA) has refused the Ministry of Finance’s draft law on sukuk during its meeting last week. The decision was later supported by the Shura Council’s Economic Committee, which has also refused the law.
The ministry’s rejected bill only included sovereign sukuks, issued by governments. Meanwhile, there is another draft law prepared by the Egyptian Financial Supervisory Authority that regulates sukuk offered by private companies and banks………………………………………..Full Article: Source