Egypt has approved a draft law to allow sovereign Islamic bonds, the country’s finance minister said on Wednesday, as the government searches for new ways to finance an unsustainable budget deficit.
The Islamist-led administration had amended the original draft of the law following criticism from religious scholars. The legislation still needs to be approved by the upper house of parliament, where Egypt’s ruling Islamists hold a clear majority. “The cabinet today agreed to the draft sukuk law,” minister Al Mursi Al Sayed Hegazy told reporters………………………………………..Full Article: Source