Cabinet To Approve Sukuk Law On Wednesday

Egypt’s Cabinet headed by the Prime Minister Hesham Kandil will approve the final draft of the sukuk law in its meeting next Wednesday to be submitted afterwards to the Shura Council (upper house of parliament) to be discussed and approved, said Ahmed El Naggar, adviser to the Minister of Finance and the one responsible for sukuk.

Asked about his opinion about the calls for not immunizing the decisions of the Sharia Board as stated in the article no. 14 of the law, El Naggar told Amwal Al Ghad that the decisions of the Sharia Board are final and binding and cannot be challenged by judicial authorities as the Sharia Board offers Fatwas (Islamic rulings) that cannot be challenged as the rulings of Dar al-Ifta al-Misryah (Egyptian House of Fatwa).

The Finance Minister’s Adviser affirmed that the law had been amended several times in the last period after the Islamic Research Complex and other concerned bodies offered some observations on the law. There is no need to delay the approval of the law which will boost the movement of investment in the Egyptian market, he continued.

El Naggar called on the opponents to the sukuk law to submit their opinions to the Ministry of Finance to be discussed, adding that the Ministry will amend any article in the law if it is proven to harm the public interest. El Naggar affirmed that Egypt needs sukuk to finance investments and boost national economy.