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Egypt parliament approves Islamic bond law

Published: 19/03/2013 05:26:30 PM GMT
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CAIRO, March 19 (Reuters) - Egypt's parliament approved on Tuesday a law allowing the issuance of Islamic bonds which could provide the heavily (more)

CAIRO, March 19 (Reuters) - Egypt's parliament approved on Tuesday a law allowing the issuance of Islamic bonds which could provide the heavily-indebted government with a new form of finance.

The Islamist-led upper house voted in favour of the law that was approved by the government on Feb. 27 and sent it to President Mohamed Mursi for final approval.

Finance Minister Al-Mursi Al-Sayed Hegazy said at the time that Egypt could raise around $10 billion a year from the sukuk market - much more than some analysts expect - but added that it would take at least three months to push through the necessary regulations.

(Reporting by Ahmed Tolba; Writing by Tom Perry; editing by David Stamp)

((thomas.perry@thomsonreuters.com)(+20 22 578 3290)(Reuters Messaging: thomas.perry.reuters.com@reuters.net))

Keywords: EGYPT ECONOMY/SUKUK

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