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| Egypt towards Islamic finance |
The Egyptian government has taken several steps to attract mor investments, including the use of sukuk that comply with Islamic law, as a new financing tool, so it issued laws and took decisions regulating the issuance of sukuk. In July 2019, the Financial Supervisory Authority issued a guide to issuing sukuk, after amending The Capital Market Law by Law 17 of 2018, and after the issuance of the Prime Minister’s decision to amend the executive regulations of the aforementioned law to put in place detailed provisions for the rules of sukuk, and the purpose of the sukuk is to create added value to the national income. The Authority has issued Decision No. (42) of 2019 regarding setting controls for the formation and terms of reference of members Sharia Supervisory Committee for Sukuk Issuances Compliant with the Provisions of Islamic Sharia Financing micro-enterprises in the non-banking financial sector according to Islamic financing formulas, quoting the Financial Supervisory Authority The General Authority for Financial Supervision approved the issuance of sukuk compatible with Islamic Sharia in the amount of 5.2 billion pounds during the year 2022. The General Authority for Financial Supervision has been searching since August 2022 for the possibility of issuing the necessary approvals to allow the use of products based on other main forms of Islamic financing, including Murabaha and Musharaka. of all kinds to other companies, to apply it for the first time with the non-banking micro-enterprise sector. The state has recently offered sovereign sukuk in accordance with Islamic law at a value of one and a half billion dollars, and it has received requests worth $6.1 billion, exceeding the coverage ratio 4 times, and the state plan It is issuing sukuk worth $5 billion in 2023.
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