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

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.