Shura Council Decides Not To Describe Sukuk As “Islamic”

Shura Council approved to omit the word “Islamic” from the sukuk law in its session on Sunday after the legislative and economic committees had earlier discussed the issue.

Al Nour Party suggested to name the new financing instrument “Islamic sukuk”, to guarantee it is compliant with Islamic Sharia law, but the government rejected such suggestion as this may denote that there is non-Islamic sukuk.