Finance Minister To Inaugurate Sukuk Practical Applications Conference Tomorrow

The Egyptian Minister of Finance Fayad Abdel Monem will inaugurate on Sunday the Practical Applications of Sukuk Conference which will be followed by a five-day workshop that will discuss legal and technical aspects of sukuk.

The conference will be attended by Governor of Islamic Development Bank in Egypt, Vice President of IDB Abdel Aziz Al Hinai, member of Shura Council Hussein Hamed Hassan and executive manager of IDB El-Sayed Zahran as well as a large number of sukuk experts in Arab and Islamic countries.

Ahmed El Naggar, adviser to Egypt’s Minister of Finance and the one responsible for Sukuk, stated that all bodies concerned with sukuk including bodies which seek to finance projects through sukuk as well as regulators such as the Egyptian Financial Supervisory Authority, Egyptian Exchange, banks and insurance companies which seek new investment opportunities will attend the conference and the workshop.

He revealed that a five-day workshop will be held after the conference on practical applications of sukuk so as to address the interest of many bodies in sukuk because the Finance Ministry aims at creating an encouraging atmosphere for sukuk.

The workshop will tackle a number of key topics such as the Islamic regulatory standards of sukuk agreements, legal and technical aspects and guarantees that shall be considered in offering sukuk as well as accounting treatment and risk management of sukuk. A special session will be held at the end of the workshop to discuss the advantages of the Egyptian sukuk law recently approved by Shura Council and endorsed by Al-Azhar’s Senior Scholars Authority, he added.

Senior banking experts from Egyptian and Arab Islamic banks such as Islamic Development Bank, Abu Dhabi Islamic Bank and Financial Investment Bank in Sudan will lecture in the workshop.