The government plans to issue its first sukuk in 2013 to fund energy and mega projects in Egypt, said Dr El-Morsy Hegazy, Minister of Finance at the 7th International Takaful Summit (ITS) in Cairo on Monday. The minister also announced that the sukuk law is in its final stages of being issued as the draft law will be proposed to the Prime Minister within this week before being submitted to the Parliament for approval.
Dr Hegazy says the government is keen to support the financial sector by introducing Shariah-compliant financial tools including sukuk and takaful to expand the range of alternatives for investors. He says these tools will not be developed at the expense of traditional financial products as each has its role………………………………………..Full Article: Source