News of Sukuk issuance agreement creates confusion among Islamist parties

According to an announcement by Samy Khallaf, the Ministry of Finance’s head of the Public Debt Unit, a preliminary agreement on the issuance of Egypt's first sukuk in Islamic markets was made. Ten international investment banks will be involved in the issuing procedures. The sukuk project will be worth between $750 million and $1 billion. The move is dependent on IMF approval of the $4.8 billion loan requested by the Egyptian government.

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