Egyptian president OKs law allowing Islamic bonds - Israel News, Ynetnews

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Egyptian president OKs law allowing Islamic bonds

Published: 05.09.13, 00:06 / Israel News

Egyptian President Mohammed Morsi has signed a new law allowing the state to issue Islamic bonds _ an effort to help ease an expanding budget deficit.


The Islamic bonds, known as Sukuk, are similar to regular bonds but do not have a fixed interest rate, which violates Islamic Shariah law. The move also was a way for Morsi to put an Islamist stamp on the country's economy. (AP)


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