(3 minutes read)
· The Egyptian Senate during its plenary session yesterday (Monday) approved in principle the bill submitted by the government to issue the Sovereign Sukuk Law
· The Senate observed that the bill would bring unconventional investments, complies with Islamic law, and preserves the state’s right to ownership of assets and the rights of investors
· The parliamentary report of the joint committee from the Committee on Financial, Economic and Investment Affairs, and the Office of the Constitutional and Legislative Affairs Committee confirmed that sovereign sukuk as a financing instrument enjoy a large degree of acceptance in the world’s financial markets
The Egyptian Senate during its plenary session yesterday (Monday) approved in principle the bill submitted by the government to issue the Sovereign Sukuk Law. The Senate observed that the bill would bring unconventional investments, complies with Islamic law, and preserves the state’s right to ownership of assets and the rights of investors.
. There is a legislative vacuum as there is currently no legislative regulation that enables the state to issue sovereign instruments, which necessitated the preparation of an integrated draft law to regulate sovereign instruments.
The parliamentary report of the joint committee from the Committee on Financial, Economic and Investment Affairs, and the Office of the Constitutional and Legislative Affairs Committee confirmed that sovereign sukuk as a financing instrument enjoy a large degree of acceptance in the world’s financial markets. Malaysia, Saudi Arabia, Indonesia, Britain, the United Arab Emirates, Turkey and Bahrain are among the countries that issue these sukuk the most, and Egypt’s proceeds from this market are currently non-existent.
