Egypt Parliament Unanimously Approves Sokouk (Bonds) Law

Egypt’s Shura Council, headed by Dr. Ahmed Fahmi, has unanimously approved a draft law for ‘Sokouk’ (Islamic Bonds) as a new financial instrument, after discussing observations and recommendations of senior Muslim scholars referred by President Morsi to Shura Council to take into account.

Dr. Essam El-Erian, head of the Freedom and Justice Party’s parliamentary bloc, said: "We all seek for this law to help Egypt do without costly loans and the search for grants and financial aid. Egypt is rich in resources and manpower, and is perfectly able to push forth and progress. We will prove to the whole world that all we want is universal good."

Furthermore, MP Abdullah Badran, head of Nour Party’s parliamentary bloc, added that: "Everyone under this venerable dome wants nothing but to serve the interests of this homeland. I invite both Egyptians and foreign investors to take advantage of this law; it will help boost the Egyptian economy."

Meanwhile, MP Tariq Al-Malt, representative of Wasat Party’s parliamentary bloc, said: "Such a law is just what the Egyptian people want, because it promotes investment in the economy and opens new opportunities for work. This is the first bill that comes out of the Shura Council in four months."