Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egyptian Countryside Development chief discusses cooperation with Italian ambassador    CIB completes fifth securitisation issuance for B.TECH worth EGP 859.4m    Madbouly reviews legalisation of newly annexed lands to new cities, housing offerings    Nigeria endorses El-Anany for UNESCO amid closer economic links with Egypt    Roche helps Egypt expand digital pathology and AI diagnostics    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egyptian pound shows stability in Sunday trading    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt exports 175K tons of food in one week    Egypt, Somalia discuss closer environmental cooperation    Egypt's Health Minister reviews upgrades at Gustave Roussy Hospital    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Egypt's EDA explores pharma cooperation with Belarus    Egypt expresses condolences to Iraq over fire tragedy    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt accounts for EGP 347bn of global Islamic banking of $2.7trn: Finance Ministry
Finance Ministry cooperates with FRA, Al-Azhar, and Islamic banks to issue regulations of Sukuk Law
Published in Daily News Egypt on 11 - 09 - 2021

The first Arab forum on sovereign sukuk and its role in the development of Arab societies has concluded with the issuance of 17 recommendations.
It was held under the auspices of Mohamed Maait, Minister of Finance, in the presence of representatives of 14 Arab and Islamic countries who participated in its sessions over two days.
In a speech delivered on behalf of Maait, Head of the Public Debt Management Unit at the Ministry of Finance Mohamed Hegazy stressed that the Egyptian government pays great attention to sovereign sukuk.
He added that the volume of the Islamic banking industry worldwide exceeded $2.7trn in 2020, of which Egypt's share was only EGP 347bn. Islamic deposits reached about EGP 321.7bn, accounting for 7% of the whole Egyptian banking market.
Hegazy noted that sovereign sukuk represents a new alternative to provide the necessary financing for investment and development projects listed in the economic plan of the state's general budget. Moreover, sukuk also attracts a new segment of investors who prefer financial transactions that follow the Islamic Sharia law.
He added that Egypt's issuance of a new law on sovereign sukuk stresses the Egyptian state's tendency to be present in the global Islamic finance market. This law serves as the legislative umbrella for the development of this new type of government securities in Egypt. He also pointed out that the Ministry of Finance is currently working on preparing the executive regulations for the law in cooperation with the Financial Regulatory Authority (FRA), Al-Azhar, and leading banks in the field of Islamic finance. They aim to give the law legal, technical, and marketing dimensions, in accordance with international best practices.
He explained that work is underway to prepare an organizational structure for the issuance, in line with the principles of Islamic Sharia, in addition to establishing the sovereign sukuk company to be responsible for the issuance. Moreover, the Cabinet will be approving the formation of an oversight committee to review all legal, procedural and regulatory issues. The offering process in the financial markets will also begin, and will include choosing formulas, pricing, timing, and listing in the financial markets.
The final statement of the forum included a number of recommendations adopted by the participants representing ministries, government agencies and banking leaders, in addition to academics, researchers and specialists from Arab research centers and universities.
The recommendations included working to provide the necessary funding for new investment projects, and using sukuk to finance agencies, companies and sectors that account for a large share of public investment, such as electricity, transport, water, roads and ports. Banks of all kinds, as well as investment funds and investors were encouraged to participate in investment and financing through sukuk as a general market indicator, making the best use of the experiences of successful countries.


Clic here to read the story from its source.