Al-Azhar Issues Final Report On Sukuk Law On Monday

Al-Azhar’s Senior Scholars Authority will issue today its final report on draft sukuk law referred to it by the Egyptian President Mohamed Morsi for approval.

Dr. Reda El-Maghawry, head of Islamic Economics Center at the United Bank, said that Al-Azhar has five reservations on the Sharia aspect of the law and will be submitted to the President afterwards.

The proposed law was once a source of debate between the Freedom and Justice Party and Al-Nour Prty in Shura Council as the latter insisted to refer the law to Al-Azhar to be approved before being passed, but FJP members at the Parliament passed the law and referred it to the president.

The constitutional law professor Dr. Gamal Gebril said that Mohamed Morsi referred the law to the Senior Scholars Authority to be approved amid pressures from Al-Nour Party and for fear of being ruled unconstitutional.