Cairo – Mubasher: Egypt's President Abdel Fattah El-Sisi approved a law on the issuance of sovereign Sukuk, after being passed by the House of Representatives.
The law will regulate the issuance of sovereign bonds in accordance with the Islamic Sharia principles, according to the Official Gazette on Wednesday.
The Cabinet will issue the executive regulations of the law three months after the law comes into effect, following approvals from Al-Azhar Al-Sharif and the Financial Regulatory Authority (FRA).
In June, the House of Representatives gave final approval to the draft law of sovereign Sukuk.
The government aims to introduce new financial instruments and diversify its sources of financing the budget deficit and investment, economic, and developmental projects.