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ArabFinance: The Egyptian parliaments economic committee completed the amendments to the sovereign sukuk law that determines the framework under which the country will issue sovereign sukuk, Al Mal News reported on February 9th.
The amendments include changing the referral to the special purpose vehicle, which issues sukuk certificates, to become Sovereign Sukuk Company.
The changes also include setting a description of the issuance process, with a term not exceeding 30 years.
The Sovereign Sukuk Company will have an issued capital of not less than EGP 10 million, with the authorized capital standing at EGP 100 million or above. The issued capital can be increased upon approval from the concerned state minister.
Last year, the Cabinet approved the draft law of issuing the first sovereign sukuk.
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