Egypt FinMin Says Sukuk Crucial Step Towards Sustainable Development

The Egyptian Minister of Finance Fayad Abdel Monem stated that issuing sukuk (Islamic bonds) is an important step towards achieving sustainable development in Egypt in the upcoming period as the new instrument can finance all investment fields and activities.

Abdel Monem has inaugurated on Sunday the first workshop on practical applications of sukuk in collaboration with the Islamic Development Bank which is “the first financial institution committed to supporting Egypt and boosting its economy through expanding in different investment fields,” the Minister added.

Abdel Aziz Al Hinai, vice president of Islamic Development Bank, and Hussein Hamed Hassan, member of Shura Council, as well as representatives from 82 ministries, banks and associations have attended the workshop.

The Finance Minister noted that the Egyptian economy has long suffered from structural economic problems, but the Ministry implements a new policy to coordinate and integrate among different economical instruments and mechanisms to employ economic incentives and achieve optimal use of resources.

The Minister emphasized on the importance of implementing new financial mechanisms and taking the right steps to make sukuk succeed in achieving economic and social development.

Egypt’s economy suffered from repeated economic and financial crises because of a fundamental flaw in the economic structure which impedes advancement and prosperity, he added.