Tagged: Daily News Egypt

Finance minister: Laws and regulations governing Islamic Bonds set to continue

Finance minister: Laws and regulations governing Islamic Bonds set to continue

<p>Laws, legislative rules and regulations governing Islamic bonds will be implemented as planned, as part of government efforts to revive the economy, according to Egyptian Finance Minister Ahmed Galal. However, he refused to say who would assume the role of Chairman of the Islamic Bonds Division within the ministry, after the sacking of previous chairman Ahmed Al-Nagar. Ahmed Al-Gabali, Advisor to the Minister on Islamic Bonds, is reportedly interested in the position but will need to be made aware of the nature of the job before applying. Galal previously published a decision to dispose of a number of legal advisors and chairmen of financial units due to their affiliation with the Muslim Brotherhood, among them Ahmed Al-Nagar, previous Chairman of the Ministry of Finance&rsquo;s Islamic Bonds Divisi&oacute;n.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.dailynewsegypt.com/2013/08/12/finance-minister-laws-and-regulations-governing-islamic-bonds-set-to-continue/" title="http://www.dailynewsegypt.com/2013/08/12/finance-minister-laws-and-regulations-governing-islamic-bonds-set-to-continue/">http://www.dailynewsegypt.com/2013/08/12/finance-minister-laws-and-regul…</a></p>
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Jump in bank profits in the last six months

Jump in bank profits in the last six months

<p>Egypt&rsquo;s banking sector witnessed a jump in profits during the first half of the current fiscal year in comparison to the same period last year, and even in comparison to the first quarter of this year. The Faisal Islamic Bank of Egypt stated that its profits for the first half of the current fiscal year totalled EGP 370.8m (nearly $53m), a 30.7% increase compared to the same period last year. Bankers throughout the country expect that other institutions will also soon announce increases in their profit margins for the first half of this year, due to their subscription to government debt instruments, which have brought high returns over the last six months. The stabilisation of the country is expected to allow banks to begin lending once again at higher rates, to both individuals and companies, which would help stimulate the economy, support banks and help them achieve higher profit margins.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-last-six-months/" title="http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-last-six-months/">http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-las…</a></p>
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Jump in bank profits in the last six months

Jump in bank profits in the last six months

<p>Egypt&rsquo;s banking sector witnessed a jump in profits during the first half of the current fiscal year in comparison to the same period last year, and even in comparison to the first quarter of this year. The Faisal Islamic Bank of Egypt stated that its profits for the first half of the current fiscal year totalled EGP 370.8m (nearly $53m), a 30.7% increase compared to the same period last year. Bankers throughout the country expect that other institutions will also soon announce increases in their profit margins for the first half of this year, due to their subscription to government debt instruments, which have brought high returns over the last six months. The stabilisation of the country is expected to allow banks to begin lending once again at higher rates, to both individuals and companies, which would help stimulate the economy, support banks and help them achieve higher profit margins.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-last-six-months/" title="http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-last-six-months/">http://www.dailynewsegypt.com/2013/07/28/jump-in-bank-profits-in-the-las…</a></p>
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The fate of Islamic bonds remains vague after the ouster of the Muslim Brotherhood

The fate of Islamic bonds remains vague after the ouster of the Muslim Brotherhood

<p>Ahmed Al-Gabali, Technical Advisor for Islamic bonds at the finance ministry. temporarily left his post at the Ministry of Finance due to his conviction that not enough political and economic support currently exists to push Egypt&rsquo;s Islamic bonds law. This, he said, will cause returns on any Islamic bonds that are issued to be significantly less than previously estimated. He stated that the fate of Egypt&rsquo;s Islamic bonds law changed after the events of 30 June and the ouster of former president Mohamed Morsi. He maintained, however, that Islamic bonds would remain a powerful finance tool in the future, since sukuk have existed in a number of countries that do not operate under an Islamist or a Brotherhood regime. Abdullah Al-Adali, chairman of the taxes division at Price Waterhouse Coopers, stated that he supported keeping the country&rsquo;s Islamic bonds law as it was despite the removal of Morsi.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.dailynewsegypt.com/2013/07/09/the-fate-of-islamic-bonds-remains-vague-after-the-ouster-of-the-muslim-brotherhood/" title="http://www.dailynewsegypt.com/2013/07/09/the-fate-of-islamic-bonds-remains-vague-after-the-ouster-of-the-muslim-brotherhood/">http://www.dailynewsegypt.com/2013/07/09/the-fate-of-islamic-bonds-remai…</a></p>
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Islamic banking association launches index of bourse’s Sharia-compliant shares

Islamic banking association launches index of bourse’s Sharia-compliant shares

<p>Islamic banking experts have called on the Central Bank of Egypt to tailor its policies regarding Islamic banking services to be more in line with those of Islamic banks themselves. The call came during the fourth annual conference of the Egyptian Islamic Finance Association, during which the association launched its index of shares compatible with Islamic law, measuring the performance of those shares traded on Egypt&rsquo;s stock exchange by their compatibility with Sharia standards.Mustafa Ibrahim, forensic audit manager for the National Bank for Investment, said the index was unique in that it was founded upon Sharia standard number 21, released by the Accounting and Auditing Organisation for Islamic Financial Institutions.</p>
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<div>Source:&nbsp;</div>
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<p><a href="http://www.dailynewsegypt.com/2013/06/26/islamic-banking-association-launches-index-of-bourses-sharia-compliant-shares/" title="http://www.dailynewsegypt.com/2013/06/26/islamic-banking-association-launches-index-of-bourses-sharia-compliant-shares/">http://www.dailynewsegypt.com/2013/06/26/islamic-banking-association-lau…</a></p>
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Shura Council Economic Committee set to accept $50m from Islamic Development Bank

Shura Council Economic Committee set to accept $50m from Islamic Development Bank

The Economic Committee at the Shura Council is set to accept the $50m development loan from the IDB to encourage the growth of small and medium sized enterprises (SMEs), with $320,000 set aside for logistical aid and worker training programs. Repayment will begin three years after the grace period for withdrawal. Ghadi Wali, secretary general of Egypt’s Social Fund for Development (SFD), said that the SFD will employ a number of international experts in order to review the potential outcome and effects of the IDB loan. She said that the SFD’s goal would be to distinguish between real losses and those suffered as a result of Egypt’s depreciating currency.

Seventeen PPP projects to be financed using sukuk: Panel

Seventeen PPP projects to be financed using sukuk: Panel

Panelists at the 2nd Annual PPP Investment Summit called the new sukuk law ‘quantum leap’ towards introducing Sharia-compliant products to the Egyptian market. It was confirmed at the Summit that seventeen upcoming Public Private Partnership (PPP) projects will be financed using sukuk. The Ministry of Finance is considering using sukuk to finance a number of PPP projects including silos projects, developing roads, and the Ain Shams -10th of Ramadan city train line in order to link the industrial sites along the way. However, panelists explained that infrastructure projects require more than one method of financing and that there are various Islamic financing methods available.

Seventeen PPP projects to be financed using sukuk: Panel

Seventeen PPP projects to be financed using sukuk: Panel

Panelists at the 2nd Annual PPP Investment Summit called the new sukuk law ‘quantum leap’ towards introducing Sharia-compliant products to the Egyptian market. It was confirmed at the Summit that seventeen upcoming Public Private Partnership (PPP) projects will be financed using sukuk. The Ministry of Finance is considering using sukuk to finance a number of PPP projects including silos projects, developing roads, and the Ain Shams -10th of Ramadan city train line in order to link the industrial sites along the way. However, panelists explained that infrastructure projects require more than one method of financing and that there are various Islamic financing methods available.

Shura council approves sukuk draft law

Shura council approves sukuk draft law

The Shura Council approved the sukuk draft law during its general session on Monday. The final draft law consists of the council’s economic and financial committee proposal, the government’s proposal and the Shura Council’s joint committee proposal. The Shura Council modified 13 articles in the draft law. The final report from the committee mentioned that there are some items that have been further developed and modified. Its adjudication will be enforceable and binding on administrative authorities after approval by the Egyptian Cabinet.