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Egypt approves law to issue sovereign Islamic bonds

Jan. 16, 2013 3:58 P.M. (Updated: Jan. 16, 2013 3:58 P.M.)
CAIRO (Reuters) -- The Egyptian government has approved a draft law allowing the issuance of sovereign Islamic bonds, Finance Minister Al-Mursi Al-Sayed Hegazy said on Wednesday.

The Islamist-led Egyptian administration had amended the original draft of the law following criticism from religious scholars.

"The cabinet today agreed to the draft sukuk law," Hegazy said during a news conference.

The legislation still needs to be approved by parliament.

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