Sisi ratifies Egypt’s sovereign sukuk law

Ahram Online , Wednesday 18 Aug 2021

President Abdel-Fattah El-Sisi

Egypt’s President Abdel-Fattah El-Sisi has ratified a law regulating the issuing of sovereign sukuk (Sharia-compliant bonds), according to the official gazette on Wednesday.

The law stipulates that within three months the government should issue its bylaws.

The sovereign sukuk law presented by the government was approved by parliament in June.

According to earlier statements by Finance Minister Mohamed Maait, Egypt will issue its first sovereign sukuk in both local and foreign currencies as soon as the law goes in effect.

Locally, the sukuk will be listed on the Egyptian Stock Exchange, while international sukuk will be listed on international stock exchanges as per international sovereign issuances.

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