Islamic banking: Egypt approves sukuk bill as financing crunch hits

Egypt’s Islamist government is making preparations for the country’s first sovereign sukuk after the cabinet of ministers approved the new draft sukuk bill on January 16. The new finance minister, El-Morsi Hegazy, reportedly plans the law might ultimately raise an additional $10 billion for the sovereign. Investors, however, do not yet sound convinced, since there might be another revolution to come. Nevertheless, Egypt has considerable potential as an Islamic finance market.

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