Egyptian Jurist Says Sukuk Can Bring Egypt US$ 200 Bln
The Egyptian Jurist Hussein Hamed Hassan affirmed that Egypt is one of the strongest countries in the region in terms of economic structures as it has the largest market with large investment opportunities especially if a sukuk law is enacted.
After finalizing the procedures of Shura Council’s membership as he has been recently appointed among 90 public figures by the Egyptian president Mohamed Morsi, Hassan told parliamentary editors that sukuk will provide finance economical feasible projects, and can also finance the budget deficit so the country can dispense local and foreign loans.
About US$ 200 billion will be flowed to the country through sukuk as international Islamic and conventional banks have showed willingness to buy sukuk in Egypt if they are investing in economical feasible projects.
The government, individuals and banks can own such sukuks. If Egypt issues Egyptian pound-denominated sukuk, many financial institutions will buy them.
Hassan stated that Egypt’s new constitution reflects its revolution that erupted about two years ago. There is a need for a legislative revolution to reconsider and change the regulating laws and add new laws in accordance with the principles of the constitution.
As he participated in the writing of constitutions in many countries such as Pakistan and some of Middle Asian countries, the jurist sees that this constitution is the best one in Egypt’s history.
