According to a report to the Minister of Finance

-The first training course on Sukuk applications attract participants from 85 public and private entities

-Ahmed El Naggar: the completion of the exe...

According to a report to the Minister of Finance -The first training course on Sukuk applications attract participants from 85 public and private entities -Ahmed El Naggar: the completion of the executive regulation draft of Sukuk law is sooner -Letters from Ministry of Finance for an opinion poll to the concerned entities regarding the  regulatory rules of Sukuk underwritings -A Meeting with Egyptian community in Saudi Arabia next Thursday to explain advantages of Sukuk law Dr. Fayyad Abd-el Moniem, Minister of Finance received a report on developments of Sukuk portfolio, and the outcomes of the first training course on Sukuk applications, organized by Ministry of Finance in collaboration with the Islamic Development Bank (IDB). Dr. Ahmed El Naggar advisor to Minister of Finance, who is responsible for Sukuk portfolio, stated that the report demonstrates success of the training course, as the participants are from about 85 entities from Egypt including representatives of 25 ministries, 20 governorates, 20 commercial banks, 8 securities associations, associations of securities investors, holding companies in addition to representatives of supervisory and regulatory bodies such as the central bank, the financial supervision authority, Egyptian Stock Exchange and Misr for Central Clearing. He said that the training course demonstrated the interest of  investors community and course participants entities in Sukuk mechanism as one of the most important new funding instruments, which is currently achieving momentum at the global level, where there has been extremely rapid growth rates that guarantee good coverage rates for the Egyptian issuance of Sukuk in the future. He noted that the Ministry of Finance continues to cooperate with the Islamic Development Bank to organize other training courses, beside the technical cooperation in the field of Sukuk issuance, promotion, and subscription processes management. On the other hand, Dr. El Naggar revealed that Ministry of Finance will nearly finish the preparation of a preliminary draft of the executive regulation of Sukuk law, as the Ministry has sent official letters to each entity that is concerned with the enforcement of the law, such as the Central Bank, Financial Supervision Egyptian authority, Egyptian Stock Exchange, and other concerned bodies seeking their visions with regard to the rules and principles that shall be included in the executive regulation. He said that there are many public and private entities will participate in the formulation of the executive regulation, for example the Central Bank, which will set the governing rules to organize banks’ issuances of Sukuk, beside the determinants of banks’ role as promoter and subscriber in Sukuk, whether they are issued by public bodies or issuances of private sector in the future. Also, the stock exchange management and the capital market authority are concerned with establish the rules of value and trade of Sukuk in secondary market of the Egyptian stock exchange, also there is a need to amend the Egyptian accounting rules with respect to accounting treatment of Sukuk and its proceeds. He added that the executive regulation draft will be posted on the Ministry of Finance’s website immediately upon completion, to launch a broad dialogue with specialists, to ensure success of this process. El Naggar revealed that the Ministry of Finance organized, several meetings with Egyptian communities aboard to explain Sukuk law and its provided investment advantages, as these meetings began last week by a meeting with Egyptian community in “Qatar” in the margins of Doha World Economic forum held in Doha, another meeting will be hold next Thursday with the Egyptian community in Saudi Arabia on the margins of the Arab investors forum’s annual meeting in El Riyadh, pointing that these meetings aim at promoting Sukuk law to  the first issuance of public Egyptian Sukuk during the current year.