El-Mansoury Calls For Banning Foreigners From Investing In Sovereign Assets

Emad El-Mansoury, head of credit sector at the United Bank, demands the amendment of the sukuk draft law to ban foreign investors from owning the country’s sovereign assets and projects as some media said the country will hypothecate the sovereign assets to foreigners through sukuk.

Sukuk allows local and foreign investors to invest their funds in existing projects in an Islamic sharia-compliant framework and the return is on the value of sukuk, not the instrument itself, he explained.

El-Mansoury also demands the issuance of a unified sukuk law regulating all kinds of sukuk, and the details shall be mentioned in the prospectus.