Egyptian Islamic party considers regulations to allow sukuk
- Egypt: Sunday, September 30 - 2012 at 03:35
Egypt's Freedom and Justice Party is consulting with other political parties and the financial industry about the possibility of introducing rules allowing the issue of Islamic bonds, Reuters has reported. The FJP wants to promote the issuance of sukuk, which were neglected for ideological reasons during the regime of Hosni Mubarak, who was ousted last year. Government officials have said Egypt may issue a sovereign sukuk, and that Egyptian companies could use the instruments as a source of finance. "We started weeks ago to discuss details of how to permit the issuance of sukuk, instead of submitting a full bill that would need to be approved by parliament," a party official told the news service.
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