12.03.2012 - Egypt: Time for Sukuk
This week the Planning and Budget Committee of the People's Assembly discussed the introduction of sukuks, or Islamic bonds, to the Egyptian market. Head of the Egyptian Financial Supervisory Authority (EFSA) said on Monday the process of modifying executive regulations of the capital market law was underway. The aim was to allow for the issuance and trading of sukuk. Sukuks are Sharia-compliant bonds. Since trading in debt is prohibited under Sharia or Islamic law, financing must only be raised for specific assets or projects...............................................Full Article: Source
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