Draft sukuk law heads to the House

LEGISLATION WATCH- The Finance Ministry has submitted the draft law governing sovereign sukuk to the House of Representatives after it won cabinet approval earlier this month, the local press reports. Maait said parliament will decide whether to vote on the bill during this legislative or the next, adding that the value of the country’s inaugural offering is yet to be decided.

Background: The cabinet approved the draft bill authorizing sukuk sales earlier in the month, bringing Egypt closer to its first-ever sovereign sukuk issuance. The bill’s executive regulations are expected to be issued within three months of it being ratified by the president.