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Egypt approves sukuk law
- Egypt: Thursday, January 17 - 2013 at 04:41
Egypt's finance minister has said the cabinet has approved a draft law to allow sovereign sukuk, as the government searches for new ways to finance an unsustainable budget deficit, Reuters has reported. Demand is expected to be strong for the Islamic bonds, said minister Al-Mursi Al-Sayed Hegazy, adding that in recent days the Islamic Development Bank said it could be ready to buy around $6bn of them. "I imagine that Egypt, with its great human and material resources, will attract many investors," said Hegazy, who took up his post as finance minister earlier this month.
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