One of the biggest challenges facing the Egyptian economy is the difficulty in managing large budget deficit, and the delay in concluding an agreement with the IMF, which was delayed due to protests against the austerity measures included in the IMF agreement to reduce the budget deficit. At the same time as an IMF agreement is being concluded, the Morsi government has passed a sukuk law—regulations are currently being written and are expected to take three months to complete—to allow both sovereign and corporate sukuk.
The IFG Community is holding a focus session on March 20th at 12:00pm Mecca time with Dr. Walid Hegazi, a member of the committee which drafted the law, who is also a Board Member of the Egyptian Islamic Finance Association and Managing Partner of Hejazi & Associates. We hope you will join in the discussion with Dr. Hejazi about the Sukuk law including the following topics:
1. Practical implications of the draft Sukuk law
2. The opportunities & challenges for Egypt in developing a robust Sukuk market
3. Next steps by the Egyptian Government on the Sukuk law and regulations