The Egyptian government approved a draft law Wednesday that will allow the state to issue Islamic bonds, or sukuk, a move that could help narrow a gaping budget deficit and boost foreign currency reserves that have fallen to critically low levels. Finance Minister Al-Mursi Al-Sayed Hegazy said Egypt could raise around $10 billion a year from the sukuk market – much more than some analysts expect – but added that it would take at least three months to push through the necessary regulations.
Egypt approves law allowing sukuk issues
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