Shura Council Discusses Draft Sukuk Bill Without Waiting For Cabinet’s Approval

The Shura Council’s Finance and Economic Affairs Committee has decided to adopt the sukuk bill drafted by the Ministry of Finance, Freedom and Justice Party, Al Nour Party, Al Wasat Party, Egyptian Islamic Finance Association and the Islamci finance expert Dr. Hussein Hamed Hassan without waiting the Cabinet’s approval.

Dr. Abdel Halim Al Gammal, deputy head of the committee, pointed out that sukuk will contribute to financing great investments as well as attracting foreign investments and private-sector funds to developmental projects.

The society actors and all concerned bodies are invited to discuss the bill that will boost the national economy, and afterwards, the draft law will be discussed during the Council’s public session.

Dr. Ahmed El Naggar, adviser to the Minister of Finance and the one responsible for sukuk, had earlier criticized the Cabinet for not approving the draft law till now, noting that the Finance Ministry has done its part by drafting and discussing the law, and it is the Cabinet’s role now to refer it to the Shura Council. El Naggar added in an earlier interview with Amwal Al Ghad that the committee has the legal right to draft a sukuk law if the Cabinet delayed in offering its draft.