Ali Gomaa Affirms Sukuk Good Financing Instrument If Not Endangering State’s Assets

Ali Gomaa, former Grand Mufti of Egypt and member of Al-Azhar’s Senior Scholars Council, said Islamic jurisprudence has many writings about contracts and it allows innovating contracts as long as they neither harm anyone nor apply usury.

On the sidelines of “Sukuk between Theory and Practice” conference, Gomaa affirmed that sukuk is a good Islamic financing instrument, but it shall be put in a framework to achieve the previously-mentioned conditions.

He stressed that the government shall guarantee that the new financing instrument will not endanger the state’s sovereign assets.