A recent draft law that would allow Egypt’s finance ministry and state-run administrative bodies to issue Islamic bonds (sukuk) that are in compliance with Islamic sharia has stirred controversy.
Opposition figures have criticised the move, and Al-Azhar University, Egypt’s Sunni religious authority, has also contested it. Proponents, however, argue that it has the potential to save Egypt’s faltering economy. Islamic bonds are a financial tool in the form of deeds that represent the value of a public asset owned by the state or a private entity………………………………………..Full Article: Source