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Sunday, 9 December 2012

Egypt: Sukuk law is drafted

The Egyptian Financial Supervisory Authority ( EFSA ) has finished the draft of a law, known as sukuk, regulating the trading of bonds in ways compliant with Islamic law.
According to an EFSA statement, the draft of the law was put together after studying international experiences in such regulations. The draft includes activities that can be financed by sukuk and the different kinds of financing instruments available. The bill stipulates the approval of a committee of three Islamic finance scholars on any sukuk offering before it is issued.

The draft only covers sukuk offered by private companies and does not include sovereign sukuk, issued by states. According to the statement, the Ministry of Finance has already drafted another bill for bonds issued by the government and state-owned bodies.

EFSA 's board approved the bill and will start discussing its terms with related parties before following the legal procedures to issue the law.

(Zawya / 07 Dec 2012)

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