MB, Al Nour, Al Wasat Parties Complete Sukuk Draft

Egypt’s prominent Islamist parties, Al Nour, Freedom and Justice and Al-Wasat Parties have completed the first draft of the Islamic Sukuk Bill which was sent to Egypt’s Minister of State for Parliamentary Councils Affairs Mohamed Mahsoub. Accordingly, the draft shall be ready afterwards to be submitted to the coming Peoples’ Council (Lower House).

Ayman Farouk, a member of the Economic Committee of Al-Nour Party, said the parties have completed making of the terms and regulations organizing the issuance of the Islamic Sukuks. One of the main features of the Islamic Sukuk Bill is about the necessity for establishing a central authority which shall be a subsidiary to the government responsible for overseeing the issuance of the sukuks and all the decisions on such instruments, Farouk noted.

Farouk further explained that such a central authority shall be an independent and complaint to Sharia laws responsible for making decisions bending on all the parties, following up all the decrees related to the issuance of the sukuks making sure they are sharia-complaint.

It is expected that the draft will be sent to Egypt’s Central Bank alongside the Egyptian Financial Supervisory Authority (EFSA) before being presented to the coming People’s Assembly.