Arab Today, arab today egypt expects sukuk rules in place by june
Last Updated : GMT 08:38:00
Arab Today, arab today
Arab Today, arab today

Egypt expects sukuk rules in place by June

Arab Today, arab today

Arab Today, arab today Egypt expects sukuk rules in place by June

Cairo - Arabstoday

Egypt is likely to finalise regulations that allow local companies to issue Islamic bonds by the end of June, a much awaited move that is expected to boost market liquidity, according to the country\'s top regulatory official. A law regulating sukuk issuance in Egypt has been talked about for several years, but the move to implement one now is gathering momentum after the strong emergence of Islamic political parties following the revolution in 2011. Rules for allowing companies to issue sukuk will be in force \"hopefully by the end of June\", once the second draft is sent to the prime minister for approval, Ashraf Sharkawi, head of the Egyptian Financial Supervisory Authority, told Zawya Dow Jones. At the moment, an amendment in the executive regulation under the capital markets law is needed before allowing the issuance of sukuk. Sharkawi added that sukuk would help improve liquidity in the Egyptian market, where the instruments will be listed. The Egyptian Exchange already allows companies to list conventional bonds, with the number of corporate bond issues listed on the exchange reaching 16 at the end of last year, according to an Egyptian exchange spokesperson. The spokesperson added that the next step might be the trading of sukuk on the market. ‘Much needed boost\' Last month, the EFSA said it submitted a draft to amend the country\'s capital market law to regulate sukuk and is awaiting approval from its board of directors and the minister of investment, according to a statement posted on the regulator\'s website. It also sent the draft to bodies and market institutions concerned with sukuk, the regulator added. Analysts say the potential for a developed sukuk market in Egypt is significant and something that will likely be facilitated by a majority-Islamist parliament. The chairman of the country\'s stock exchange in February told Zawya Dow Jones that issuing sukuk would be a much-needed boost for liquidity in the market and vital for attracting Gulf investors, who are among the most active sukuk investors. Sukuk totalling about $18.5 billion (Dh67.9 billion) were issued in the Gulf Cooperation Council last year, a sharp increase from $6.4 billion in 2010, according to Zawya.com data.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today egypt expects sukuk rules in place by june Arab Today, arab today egypt expects sukuk rules in place by june

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 18:36 2017 Monday ,20 February

Heavy selling drags Oman shares lower

GMT 06:16 2017 Monday ,20 February

Bank shares lift Tadawul

GMT 13:43 2017 Sunday ,19 February

Local institutional buying lifts Oman shares higher

GMT 15:33 2017 Saturday ,18 February

Lock-up shares worth 39 bln yuan eligible for trade

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday