Egypt's new sukuk law "incompatible with Islamic Shari’a law"
Parts of Egypt's new sukuk law a incompatible with Shari'a law, a leading scholar has said
Some articles of Egypt's recently approved sukuk law are “definitely incompatible with Islamic Shari’a law”, said Abdallah Al-Naggar, a member of the Al-Azhar Council of Senior Scholars.
When asked which articles were incompatible, Al-Naggar declined to answer.
He added that discussions over the sukuk law remain ongoing, and that the Council has decided to extend the discussion sessions until Thursday.
The Al-Azhar Council of Senior Scholars refused to approve the sukuk draft law last December, saying the draft law will grant sukuk holders ownership of state assets and allow foreigners to subscribe to IPOs without a maximum ceiling.
The government has confirmed it will use sukuk to fund sovereign assets such the Suez Channel. The government stated that it would amend the draft law according to Al-Azhar’s recommendations.
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