Egypt to issue Islamic bonds -
Egypt to issue Islamic bonds
Cairo Egypt has approved a bill to allow sovereign Islamic bonds, called sukuk, as a new way to fund an unsustainable budget deficit. Finance Minister Al-Mursi Al Sayed Hegazy told the media that the Islamic Development Bank, a multilateral institution, said it would buy $ 6 billion of sukuk. Egypt has never issued a sovereign sukuk. An international issue would help the government to replenish dangerously low foreign exchange reserves.
The Muslim Brotherhood, which controls the presidency, also wants to promote sukuk for religious reasons. Hegazy, an economist who is an expert on Islamic finance, said he expected the new law to attract new investments in Egypt, told Reuters in a dispatch.
Class : Muslim World News
Tag :
berita
0 Komentar untuk "Egypt to issue Islamic bonds"