Al-Azhar Rejects Sukuk BillsSource: www.export-egypt.com 1/21/2013, Location: Africa |
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The Al-Azhar Senior Ulema Board has backed the decision of the Islamic Research Council rejecting the Sukuk bills. The scholars in their statement said that the bill does not go with Sharia, citing likely encroachment on the state assets. Grand Sheikh of Al-Azhar Dr. Ahmed El-Tayyeb said the amendments introduced to the bill do not make a difference since the bill itself goes against Sharia. However, Finance Minister Al-Morsy Hegazy gave a support to the bill, saying it is a means of financial negotiation that goes with Sharia. The minister expected that the Sukuk law could draw in annual financing that will hit LE10 billion. The bill has yet to be referred to the Shura council which will discuss it with the Ministry of Finance to reach a wording that avoids worries about the bill.
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