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Egypt looks to Islamic bond market for foreign investment boost

Egypt’s sovereign bonds bill paves the way for Egypt to join the Islamic finance market, allowing foreign investment in national projects such as the Suez Canal and Aswan Dam, which affects Egyptian national security.
Stock market brokers gesture during trading at the Egyptian stock exchange, Cairo, Egypt, Nov. 25, 2012.

CAIRO — The Egyptian parliament gave June 6 initial approval for a bill on the issuance of Sharia-compliant sovereign bonds (sukuk) submitted by the Cabinet.

Speaking at a press conference June 8, Finance Minister Mohamed Maait said that the bill would allow Egypt to join the Islamic finance market where sukuk issuance amounts to $2.7 trillion.

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