Islamic Bonds to be issued in Egypt early FY2015-16 – Minister

The Egyptian government hopes to issue sukuk, or Islamic bonds, at the beginning of the 2015/2016 fiscal year, the finance minster said Thursday.

“We hope to issue, at the very least, an ijara-structured sukuk at the beginning of the new fiscal year,” Hani Qadry Dimian told reporters at a news conference.

The ijara sukuk structure is a sharia-compliant sale and lease-back contract.

Dimian said his ministry had completed amendments to a sukuk law and a draft had been sent to the Islamic Development Bank (IDB) for the opinion of the Sharia board.

The sukuk law was first passed in 2013 under the rule of Islamist president Mohamed Morsi who was toppled by the army after mass protests against his rule in the same year.

Source: Reuters