Sukuk will be sued to finance the upcoming Public Private Partnership (PPP) projects according to the financial advisor to the Ministry of Finance, Ahmed Al-Naggar. He made these confirmations during the 2nd Annual PPP Investment Summit held in the capital. The confirmation has been welcomed by stakeholders in the partnership. Waleed Hegazi, partner at Hegazy & Associates said it’s sukuks allow “high rates of return on investments” but calls for the implementation of the sukuk law which will be “a positive step and a quantum leap in establishing Islamic finance.” Conventional banks are also being urged to participate because they have “a social responsibility to finance PPP projects” according to the CEO and managing director of ADI Capital and acting wholesale banking head of National Bank for Development (NBD), Ahmed Al-Masry.
Sukuk Market Will Increase as soon as the Legal Framework is Established
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