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Egypt plans new law for Islamic bonds
- Egypt: Thursday, December 06 - 2012 at 01:21
The Egyptian Financial Supervisory Authority (EFSA) has finalised a draft law to regulate Islamic bonds, or sukuk, the Daily News Egypt has reported. The proposed legislation aims to expand the scope of activities that sukuk can finance and allow the issuance of business sukuk. Under the legislation, an Islamic supervision committee will be entitled to identify the types of sukuk that may be released provided that they are compliant with Shari'ah. The committee, which is to be independent from EFSA and the issuing party, will consist of three experts familiar with the Islamic "Jurisprudence of Transactions" chosen by the issuing entity from a list of registered experts prepared by Dar Al-Ifta.
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