Sukuk law is drafted
The draft of the sukuk law aiming to regulate the trading of bonds in a manner compliant with Islamic law was finished by the Egyptian Financial Supervisory Authority (EFSA). In a statement, EFSA explained that the draft was created following a detailed study of international experiences in such regulations. Topics included in the draft are activities which can be financed by sukuk and the various kinds of financing instruments available. Before issuance, the bill stipulates the approval of a committee of three Islamic finance scholars on any sukuk offering.