{"id":185115,"date":"2013-01-16T19:24:53","date_gmt":"2013-01-16T17:24:53","guid":{"rendered":"https:\/\/dev.dailynewsegypt.com\/?p=185115"},"modified":"2013-01-16T19:25:59","modified_gmt":"2013-01-16T17:25:59","slug":"cabinet-approves-sukuk-law-and-defers-it-to-legislative-committee","status":"publish","type":"post","link":"https:\/\/www.dailynewsegypt.com\/2013\/01\/16\/cabinet-approves-sukuk-law-and-defers-it-to-legislative-committee\/","title":{"rendered":"Cabinet approves sukuk law and defers it to legislative committee"},"content":{"rendered":"<p><strong>By Islam Atrees<\/strong><\/p>\n<p>Minister of Finance El-Morsy Hegazy said the government had approved the new Islamic sukuk bill in principle.<\/p>\n<p>The law will now go through the cabinet\u2019s legislative committee for proper drafting before being transferred to the Shura Council for debate and approval. If approved, the council will then send the bill to Al-Azhar to ensure it conforms to Islamic Shari\u2019a as per the constitution, Hegazy said.<\/p>\n<p>In a press conference at the cabinet building Hegazy told journalists that there will be a specialised agency to issue sukuk that will ensure adherence to Islamic Shari\u2019a and that the Islamic Development Bank was ready to inject investments worth $6 bn following the adoption of the law.<\/p>\n<p>He said there were a lot of investors waiting for the new law so they could \u201cpour investments into Egypt\u201d.<\/p>\n<p>Hegazy warned that the law was not a \u201cmagic wand that will fix the economy\u201d and that community consensus was needed to end public polarisation. He called on political groups to calm their rhetoric because \u201cgood investment needs political stability.\u201d<\/p>\n<p>The newly appointed finance minister assured journalists that the sukuk law would not lead to private entities owning state assets, as they would possess them only temporarily and that the assets would always belong to the state. He also said that private companies would also be able to issue sukuk.<\/p>\n<p>The financial oversight authority, the ministries of finance and investment, the Shura Council and all political groups had approved the law said Hegazy. He added that the comments of Al-Azhar Grand Imam Ahmed El-Tayeb had been taken into consideration.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance minister: Islamic Development Bank to invest $6 bn after law passes<\/p>\n","protected":false},"author":28,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[34193],"tags":[5403,12795],"tmauthors":[],"coauthors":[3479],"class_list":["post-185115","post","type-post","status-publish","format-standard","category-business","tag-azhar","tag-sukuk-law"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.dailynewsegypt.com\/wp-json\/wp\/v2\/posts\/185115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dailynewsegypt.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dailynewsegypt.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dailynewsegypt.com\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dailynewsegypt.com\/wp-json\/wp\/v2\/comments?post=185115"}],"version-history":[{"count":0,"href":"https:\/\/www.dailynewsegypt.com\/wp-json\/wp\/v2\/posts\/185115\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.dailynewsegypt.com\/wp-json\/wp\/v2\/media?parent=185115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dailynewsegypt.com\/wp-json\/wp\/v2\/categories?post=185115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dailynewsegypt.com\/wp-json\/wp\/v2\/tags?post=185115"},{"taxonomy":"tmauthors","embeddable":true,"href":"https:\/\/www.dailynewsegypt.com\/wp-json\/wp\/v2\/tmauthors?post=185115"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.dailynewsegypt.com\/wp-json\/wp\/v2\/coauthors?post=185115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}