Arab Today, arab today egypt fm\islamic\ bonds to generate 10bn in revenue
Last Updated : GMT 12:35:42
Arab Today, arab today
Arab Today, arab today

Egypt FM:\'Islamic\' bonds to generate $10bn in revenue

Arab Today, arab today

Arab Today, arab today Egypt FM:\'Islamic\' bonds to generate $10bn in revenue

Cairo - Arabstoday

Egyptian Finance Minister Hegazy claims \'Islamic\' bonds could substantially reduce Egypt\'s budget deficit and welcomes Qatar\'s economic aid The new Islamic Bonds (Sukuk) law is expected to generate $10 billion for the Egyptian government, Finance Minister El-Morsi Hegazy was quoted as saying on Sunday. The minister indicated that \"studies\" show that the new bonds would generate such an amount without giving further details or specifying a timeline, according Reuters. Last week, Egypt\'s cabinet approved a draft law to allow sovereign Islamic bonds as the government searches for new ways to finance an unsustainable budget deficit. The Islamist-led administration had amended the original draft of the law following criticism from religious scholars. The legislation still needs to be approved by the upper house of parliament, where Egypt\'s ruling Islamists hold a clear majority. \"The government amended the recent controversial Islamic Bonds draft law to protect key state assets from being sold or mortgaged,\" Hegazy explained during the finance ministry’s press conference today. Governmental sources have repeatedly claimed on several occasions that the draft law would not allow the use of strategic assets, such as the Suez Canal to back Islamic Bonds. Proponents say it would help finance the country\'s growing budget deficit. The sukuk is considered by some to be the first serious step to promote Islamic financial practices since President Mohamed Morsi – who hails from the Muslim Brotherhood - came to power. Qatar boosts Egypt\'s economy: Hegazy announced during the press conference that Qatar had already deposited a total amount of $5 billion in the Central Bank of Egypt, including $2 billion? to buy governmental bonds. Qatar\'s minister of foreign affairs announced during a visit last week that Qatar would increase its deposit in Egypt\'s central bank to $5 billion and support Egypt\'s economy with a $1 billion grant. Qatar\'s Minister of Finance Youssef Kamal met with the Egyptian government last week and announced that his government would invest in Islamic bonds if implemented in Egypt. Egypt\'s IMF loan unconditioned: Egypt\'s finance minister assured in the press conference Sunday morning that the $4.8 billion IMF loan comes without conditions and does not require austerity measures to be implemented or a special economic recovery programme, as has been the case with several European countries, namely Greece. The minister asserted that a series of modifications will be made to the government\'s \"economic recovery programme\" in the next period, including the postponement of a series of tax hikes, and stresses that such steps are necessary to support society\'s lower strata. El Hegazy affirmed that the Egyptian government is the sole decision-maker when it comes to setting Egypt\'s economic policy and that the announced government\'s \"economic recovery programme\" was not tailored by the IMF. IMF head Christine Lagarde had announced Thursday that talks with Egypt were near completion and that a budget assessment was the final step before granting Egypt the loan. From Ahramonline

arabstoday
arabstoday

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 fm\islamic\ bonds to generate 10bn in revenue Arab Today, arab today egypt fm\islamic\ bonds to generate 10bn in revenue

 



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 fm\islamic\ bonds to generate 10bn in revenue Arab Today, arab today egypt fm\islamic\ bonds to generate 10bn in revenue

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Prayers turn to nightmare

GMT 06:14 2017 Sunday ,22 October

Prayers turn to nightmare
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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