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Egypt approves law on Islamic bonds

Jan 16 2013 16:05
Reuters
markets,mohamed mursi

The Islamist-led Egyptian administration had amended the original draft of the law following criticism from religious scholars. Brokers in Egypt. (AFP)

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Cairo - The Egyptian government has approved a draft law allowing the issuance of sovereign Islamic bonds, Finance Minister Al-Mursi Al-Sayed Hegazy said on Wednesday.

The Islamist-led Egyptian administration had amended the original draft of the law following criticism from religious scholars.

"The cabinet today agreed to the draft sukuk law," Hegazy said during a news conference.

The legislation still needs to be approved by parliament.


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egypt  |  law  |  islamic finance  |  bonds

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