House of Representatives Approves Sukuk Bill

Giving More to Your Wealth
07 Jun 2021

The House of Representatives (Parliament) approved in principle a new bill that allows the government to issue Sukuk. The final vote will take place once two thirds of the MPs are available for voting. The bill aims at diversifying the government’s sources of funding by attracting a new segment of investors and providing further liquidity in the domestic market. The global market for Sukuk has issuances worth approximately USD2.7tn.

Sukuk are Islamic Sharia-compliant bonds which can be traded like regular bonds, but are considered high-risk as they do not have a fixed interest rate. They will be denominated in both Egyptian Pounds and foreign currencies, and offered on the domestic and international markets. (Source: al-Ahram (English), Enterprise (English), al-Maal, al-Masry al-Youm, Akhbar al-Youm)

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