Egypt’s Senate Approves Bill in Principle to Issue Sovereign Sukuk Law

Egypt’s Senate Approves Bill in Principle to Issue Sovereign Sukuk Law

Egypt’s Senate has approved in principle the bill submitted by the Government of Egypt to issue the Sovereign Sukuk Law on the 17th of May 2021, according to local media reports.

Why it Matters?

There is currently a legislative void preventing the Government of Egypt from issuing Sovereign Sukuk, which necessitated the preparation of an integrated draft law to regulate sovereign instruments. The 24-article bill, which was approved by Egypt’s Cabinet in November 2020, aims to improve the country’s financial position by covering the budget deficit. The new Sovereign Sukuk Law will e...