The United Bank – Egypt will hold on Tuesday a conference titled “Islamic Sukuk Finance between Reality and Expectations (Advantages and Caveats)", in collaboration with Ain Shams University. This is the second event organized by the United Bank to discuss the legal and Islamic aspects of the Sukuk law and benefit from the experiences adopted by other countries which offer sukuk as well as negate the false claims made against the draft sukuk law. Islamic banks are hoping that the new financing mechanism will increase the volume of Islamic banking transactions in Egypt and the volume of investments conducted in compliance with Islamic sharia law. The event will be attended by Dr. Hossam Eissa, president of Ain Shams University; Mohamed Ashmawy, chairman of United Bank; Dr. Tarek Abdel Al, dean of Faculty of Commerce; Dr. Nabil Ghanayem, head of the Sharia board of United Bank; Dr. Abbas Shoman, deputy head of the Sharia board and many other employees at the United Bank as well as professors of economics. The sukuk law, drafted by the Freedom and Justice Party, Al Nour Party and Egyptian Islamic Finance Association, will be submitted to the financial and legislative committee of the Shura Council (upper house of parliament) next Sunday to be discussed before being voted on in a general session. Meanwhile, the Ministry of Finance currently amends its sukuk law that was earlier rejected by the Islamic Research Complex to be submitted afterwards to the Senior Scholars Authority and then the Cabinet. The drafters of the sukuk law have amended the law to undermine the possibility of mortgaging some governmental assets as well as omit the word “Islamic" from the name of the law.
