Halal Tamweel

Egypt prepares to sell $2bln Islamic bonds-scholar | HALALTAMWEEL.COM

Egypt prepares to sell $2bln Islamic bonds-scholar

2/14/2012 3:28:59 PM

DUBAI: The Egyptian government, seeking to head off a funding crisis, is preparing to raise about $2 billion through its first issue of Islamic bonds, an Islamic scholar familiar with its planning said on Tuesday.

"The Egyptian government is convinced that a foreign currency sukuk will fund the country's development projects and can also bridge the gap in its currency reserves," Sheikh Hussein Hamid Hassan told Reuters.