THE EGYPTIAN
DEBATE ON SUKUK LAW
The current
Egyptian debate about the sukuk draft law that had been proposed by the
government and tabled in the People Assembly and passed but rejected by some shows
clearly that sukuk is such a topical topic in a country where Islamic finance
was tested many decades ago even before many other countries started their Islamic
finance movement. During the eighties of the last century, many would remember
the controversy surrounding the so-called Islamic investment schemes that were
mushrooming in the country including the famous case of al-Rayyan Investment Scheme. The difference is that the government of
the day at that time had a very different attitude toward Islamic finance and
about anything Islamic generally.
