Egypt treads fine legal line with sukuk bill

The Egyptian cabinet last week approved a draft law that would allow the government to issue Islamic bonds. The bill divides government assets into “publicly owned by the state" and "privately owned by the state". Only the first type of asset is allowed for sukuk. However, the bill does not describe the two types, a fact that is already causing controversy. The bill is still to be reviewed by the upper house of parliament and religious scholars at the Al-Azhar university.