IslamicFinance.de

President Mohamed Morsi has referred a controversial draft law on Islamic sukuk bonds to Al-Azhar for approval. The Shura Council approved the sukuk bond law last week, stating that it would not refer the bill to Al-Azhar for approval and sending it direct to president Morsi. The law allows the state and its related entities to issue Sharia-compliant debt both locally and internationally. The Ministry of Finance expects the first sukuk issue to take place within a couple of months and to yield $1 billion by June.