Egypt looks to develop sukuk market, pledges to honour debts

09 Oct 2012

Egypt plans to develop an Islamic finance market through sukuk in parallel with its existing banking system, as it looks to position itself as a "Mecca for investors", said the country's prime minister, Hisham Qandil.

“This [sukuk] is a huge market which has proven its success in other countries and we need to tap our share of it,” he told Euromoney’s Egypt Conference in Cairo on Tuesday.

Egypt’s biggest state owned bank, National Bank of Egypt has already been considering plans to issue ...

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