He notes that resorting to introducing sukuk is one of the new mechanisms for financing the state’s general budget. El-Shafei indicates that since the beginning of the Coronavirus pandemic, Egypt has been seeking to find funds in new and varied ways, in order to meet the needs of the budget. Egypt issued sovereign governmental green bonds, the first of their kind in the Middle East and North Africa, at a value of $750 million, domestically and in the London exchange stock market, in September and October. More about sukukThe principle of sharing in profit and loss is what distinguishes the sukuk Islamic bonds from other investment tools. The sukuk holder is given ownership of a share in the assets of a specific project or investment activity, which is negotiable according to the terms of the Islamic financing formulas.

Source: Egypt Today November 26, 2020 11:26 UTC