Egypt’s government is using an ingenious stratagem to try to push a bill authorising issues of sovereign sukuk past Islamic scholars, but even if it passes, the bill may not shield authorities from controversy that could slow issuance.
The cabinet last week approved a draft law that would allow the government to issue Islamic bonds; the bill will now be presented for review to the upper house of parliament and religious scholars at Cairo’s prestigious Al-Azhar university. The government is keen to issue sukuk internationally to help finance the country’s budget and external deficits, and finance minister Al-Mursi Al-Sayed Hegazy said this week that sukuk could eventually raise $10 billion for the state………………………………………..Full Article: Source