Egypt approves law to issue sovereign Islamic bonds

CAIRO Wed Jan 16, 2013 8:54am EST

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CAIRO Jan 16 (Reuters) - The Egyptian government has approved a draft law allowing the issuance of sovereign Islamic bonds, Finance Minister Al-Mursi Al-Sayed Hegazy said on Wednesday.

The Islamist-led Egyptian administration had amended the original draft of the law following criticism from religious scholars.

"The cabinet today agreed to the draft sukuk law," Hegazy said during a news conference.

The legislation still needs to be approved by parliament.

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