Egypt Approves Law To Issue Sovereign Islamic Bonds

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.

Reuters