CAIRO – 31 May 2024: The Egyptian government announced the offering of sacrificial bonds (sukuk) in foreign currency for Egyptians living abroad in celebration of Eid Al-Adha. The initiative is implemented in coordination between the Ministry of Awqaf (Endowments) and the Ministry of Emigration and Egyptian Expatriates' Affairs. The sacrificial sukuk initiative is adopted by the Ministry of Awqaf (Endowments) and various charities across Egypt. Instead, they must make a five-year bank deposit in foreign currency, which can be recovered in Egyptian pounds after maturity. Furthermore, Egyptian remittances serve as a significant source of foreign currency for the country.

Source: Egypt Today May 31, 2024 18:56 UTC