Egypt, home to the Arab world’s largest Muslim population, will issue its first Islamic debt guidelines in 2011 to catch up with the Persian Gulf and Southeast Asia and help spur sales.
“The target of issuing these regulations is to help companies that want to issue sukuk,” Ziad Bahaa El-Din, chairman of the Cairo-based Egyptian Financial Supervisory Authority, said in a telephone interview in Cairo Oct. 7. “Right now, we don’t have a framework to help anybody who wants to issue sukuk.”
Al Baraka Bank Egypt ESC, a Cairo unit of Bahrain-based Islamic lender Albaraka Banking Group, may sell dollar- denominated Islamic bonds, known as sukuk, in the second half of 2011, the bank’s chairman, Adnan Ahmed Yousif, said in an interview on Sept. 29. Al Baraka, Faisal Islamic Bank of Egypt and National Bank for Development are the nation’s only Shariah- compliant financial institutions, May El Haggar, banking analyst at Cairo-based Naeem Holding, said yesterday.
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