28.02.2013 - Egypt: Cabinet approves draft Islamic bonds law
The Cabinet approved a draft law governing the issuance of Islamic bonds, known as sukuk, on Wednesday. The proposed regulatory framework will be referred to the Shura Council, which has temporary legislative powers until the House of Representatives is elected in the next few months. The move is part of an investment program aimed at attracting capital to boost revenues and close the budget deficit slated to reach LE200 billion by the end of 2013. But the bill doesn’t have the support of everyone. Some political factions opposed foreigners being able to own shares of state companies; however, officials claimed the proposed law does not allow foreigners to do so...............................................Full Article: Source
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