19.03.2012 - Egypt: Time for Sukuk
The move to make amendments to the capital market law falls in the framework of the Egyptian government's objective of reverting to issuing sukuks as a means of raising financing. Earlier this year the minister of finance had been quoted earlier as saying that Egypt would issue sukuks. The announcement comes at a time when Egypt is facing a growing need for financing. Egypt's growth rate came to 0.4 per cent during the second quarter of 2011/12, a long way from the 5.6 per cent during the same quarter the previous year. Net international reserves reached $15.7 billion at the end of February 2012, compared to $36 billion in January 2011..............................................Full Article: Source
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