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Egypt’s cabinet approves draft law on sovereign Sukuk

Egypt’s cabinet approves draft law on sovereign Sukuk
The law will allow the country to enter the Islamic finance sector

Cairo – Mubasher: Egypt’s cabinet approved the new sovereign Sukuk draft law and will refer it to the parliament for approval, the Minister of Finance, Mohamed Maait, said.

The country is preparing to issue its first sovereign Sukuk upon the approval of the parliament and the President Abdel Fattah El-Sisi, Maait added in a statement on Wednesday.

The law will allow the country to enter the Islamic finance sector which witnessed transactions of about $2.7 trillion at the end of June 2020.

This move is part of the country’s plan to diversify the investor base in government securities.