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Egypt’s Lawmakers Approve Sukuk for Islamic Bond Issues

19 Mar 2013 08:24 GMT   التعليقات ()       إضافة تعليق       طباعة       إرسال لصديق

Egyptian lawmakers approved the country's first sukuk law today, paving the way for the government to take part in a market that hit a record $46 billion of debt sales last year.

The law allows the state and its related entities to issue Shariah-compliant debt locally and internationally. Capital gains and coupon payments will be exempt from tax, according to the state-run Middle East News Agency.

Egypt is looking for ways to secure foreign currency as a $4.8 billion loan from the International Monetary Fund remains stalled by political unrest. The country may raise as much as $1 billion by June from sale of its first Islamic bonds, Ahmed El- Naggar, adviser to Finance Minister El-Morsi El-Sayed Hegazi, said last month. Wire External Story From Source: Bloomberg - Read full article here is not responsible for the content of external internet sites


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