The approval of a controversial draft law allowing the issuance of Islamic bonds, commonly known as sukuk, has rekindled debate if it contradicts the Islamic Law. According to reports of Egypt’s state-run daily al-Ahram, the bill was approved Tuesday night by the Shura Council, the country’s temporary legislature. Three months ago, the cabinet approved a law regulating sukuk dealings but it was rejected by the country’s prestigious religious institution Al-Azhar over concerns that the new financial system might allow foreigners to own key state assets as well as suspicions about its fixed interests that are not allowed in Islam.
Egypt's draft law on Islamic bonds rekindles debate
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