Copts kept out of sukuk

05-03-2013 09:29 PM

Adel Mounir


The Ministry of Finance has submitted to the Shura Council—the upper house of the Parliament—the final draft of the sukuk law for approval. The draft law stipulates prohibitive conditions for the inclusion of Copts or non-Muslims in the legal authority charged with issuing sukuk

The Ministry of Finance has submitted to the Shura Council—the upper house of the Parliament—the final draft of the sukuk law for approval. The draft law stipulates prohibitive conditions for the inclusion of Copts or non-Muslims in the legal authority charged with issuing sukuk, whereas it allows non-Egyptians in. It does not ban non-Egyptians or non-Muslims from owning Egyptian sukuk, the Islamic equivalent of shares, securities allegedly structured to comply with Islamic principles.
The conditions for joining the legal authority that issues and monitors sukuk to have been tailored to fit Muslims alone. 
The draft law stipulates that the central legitimate authority charged with issuing sukuk should be formed of seven members, the majority of whom should be Egyptians. In order to qualify for membership, the applicant should be a holder of a PhD in Islamic jurisprudence, should have published research papers on Islamic economic and finance, and should have spent at least three years as a member in other [Islamic] legal authorities.
Watani International
5 March 2013
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