Sukuk law to be deliberated by Shura council, Wednesday

The new Egyptian Sukuk law will be approved on Wednesday by the cabinet before being referred to the Shura Council on the same day. It is fully Sharia-compliant, and it will have a special Sharia committee to oversee its implementation, said Ahmed El-Najjar, member of the economic committee at the Freedom and Justice Party (FJP) and advisor to the minister of finance. The sukuk revenues will be used to bridge the budget deficit gap in an indirect way. However, they will not be used as an alternative to regular debt instruments, but will, rather, function more within a complimentary capacity.