Egypt’s Cabinet Approves New Sovereign Sukuk Bill

Egypt’s Cabinet has approved a new sovereign Sukuk bill which will be submitted to the House of Representatives for approval, according to the country’s Minister of Finance, Mohamed Maait.

In a statement issued on the 4th of November 2020, Maait stated that Egypt is preparing to issue the country’s first sovereign Sukuk following approval of the Sukuk bill by the House of Representatives and ratification by the President, Abdel Fattah El-Sisi. Maait noted that the approval of the new Sukuk bill will enable Egypt to enter the Islamic finance sector, which made up around USD 2.7 trillion worth of volume of transactions at the end of June 2020.

The proposed bill is p...