Egypt says assets backing sovereign Sukuk not to be sold or mortgaged

The sovereign Sukuk will be used as a new financial instrument for diversifying the investor base

  
Image used for illustrative purpose. A bank employee counts stacks of Egyptian 5 pound and 50 piastre notes as he works at Bank Misr in downtown Cairo, Egypt, June 8, 2016.

Image used for illustrative purpose. A bank employee counts stacks of Egyptian 5 pound and 50 piastre notes as he works at Bank Misr in downtown Cairo, Egypt, June 8, 2016.

REUTERS/Amr Abdallah Dalsh

Cairo - Mubasher: The Egyptian Ministry of Finance affirmed that the country's assets backing its planned sovereign Sukuk will neither be mortgaged nor sold.

The sovereign Sukuk will be used as a new financial instrument for diversifying the investor base, achieving the financial, economic, and developmental objectives, and providing the required funds for financing the country's investment projects in compliance with the principles of Islamic Shariah, according to a statement by the Cabinet's media centre on Tuesday.

The issuance of sovereign Sukuk will be based on the usufruct of the assets owned by the state.

Egypt will establish a state-run company to manage the issuance of sovereign Sukuk, following the approval of the law by the Parliament.

Source: Mubasher

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