Al-Azhar approves sukuk law

Al-Azhar approves sukuk law

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Thu, 11/04/2013 - 17:23

Al-Azhar on Thursday approved a law that would allow the country, which is struggling with a soaring budget deficit, to issue sukuk (Islamic bonds), but said some articles passed by the Shura Council must be amended.

The Freedom and Justice Party-dominated Parliament approved the law in March and referred it to President Mohamed Morsy. Al-Azhar, the country's leading Islamic authority, protested, saying its top scholars should have been consulted, as stated in the new, Islamist-tinged Constitution.

The scholars have now agreed to the bill on sukuk, on condition that certain articles are amended, according to a statement from the Senior Scholars Authority.