08.02.2013 - Egypt approves sukuk bill as financing crunch hits
Egypt’s Islamist government is making preparations for the country’s first sovereign sukuk, as foreign-currency reserves and the credit rating rapidly decline because of continued political turmoil. On January 16, the cabinet of ministers approved a new draft sukuk bill after Shariah scholars rejected a previous version. Sukuk laws exist in many other countries, including ones without a Muslim majority, such as the UK. But in Egypt, the proposed law has been controversial. Secularist opposition figures say it represents an encroaching Islamist influence over state institutions – partly because the Muslim Brotherhood, the party from which president Mohamed Morsi hails, has stated partly religious reasons for promoting sukuk...............................................Full Article: Source
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