In preparation for its issuance immediately after the approval of the draft law organizing its offerings:

- The Ministry of Finance organizes training course of sukuk issuance for the related enti...

  In preparation for its issuance immediately after the approval of the draft law organizing its offerings: - The Ministry of Finance organizes training course of sukuk issuance for the related entities’ representatives - Al-Nagar : Shura amendments responds to concerns of resuming privatization ….the foreigners' partnership is to bridge  the savings gap - London Market attains 11% of the total global Sukuk issuance …. France prepares draft law organizing Sukuk issuance - Sukuk and PPP program are financial instruments enable the state to perform its role in public service improvements for the deprived and socially marginalized areas The Ministry of Finance has addressed letters to the miniseries, governorates, operating banks at the Egyptian market, the Central Bank ,the  Stock Market , Financial Supervisory Authority (FSA) , the Commercial and Industrial Chambers Union , Securities Trader  Associations , the investors and all related entities to nominate representatives to participate in many training courses related to dealing with  Sukuk instrument The advisor to the Minister of Finance and chairman of the Sukuk Issuance Central Unit, Dr. Ahmed   Al-Nagar, confirmed that such training courses aim at providing a well trained human resources capable of dealing with Sukuk issuance .Managing Sukuk issuance requires availability of clear regulatory, legislative and legal framework, starting  its first steps with the Shura Council recently approval of Sukuk draft law. The Ministry of  Finance also starts preparing the implementing regulation of the draft law, which will be issued within three months immediately after issuance of Sukuk. He also said that these courses will include  all aspects of Sukuk issuance, such as issuance mechanisms,  role of legitimate bodies, reviewing legitimate contracts of sukuk issuance and its legal aspects, as well as the ways of risk analysis, Sukuk credit rating ,  accounting aspects , arrangements of issuance process,  control and trading mechanisms which organize Sukuk trading . He also indicated that the courses will be lectured by a number of international and native experts specialized in the field of Sukuk issuance. Dr. Ahmed Al-Nagar explained that the amendments to the Sukuk draft law,  introduced by the Shura Council members, are identifying a minimum value of  Sukuk underwriting equals  LE. 100 million or its equivalent in foreign currencies, this is due to the high cost of Sukuk issuance, as it is conditioned to be  offered to the public,  getting a specialized agency’s credit rating , in addition to the preparation of the full economic feasibility studies for the project targeted to be financed  by  Sukuk proceeds, as well as other fees related to registering  Sukuk in the stock markets and traders commissions. Responding to some concerns , related to using these Sukuk as back-door for privatization, he said that the draft law doesn’t allow privatization at all , indicating that privatization was targeting the sale of public assets to become private property, whereas Sukuk provide financial revenues for the country to be spent on public projects , after termination of Sukuk , it’ll be transferred to the country, maximizing the state’s public assets. He clarified that the Shura Council, from this policy, introduced amendments to the draft law, stipulate that  all the current  public assets are prohibited to be used in Sukuk issuance , so no Sukuk issuance is permitted except for  funding the establishment of new assets, which is completely responding to such concerns. As for the concerns about  foreign domination on Sukuk circulations , Al-Nagar asserted that all the political forces and popular movements agreed on the significant role of foreign investments as one of  Egypt’s economic growth sources. So using Sukuk as a mechanism for attracting these foreign investments copes with this community consensus , specifically Sukuk doesn’t   arrange any in kind rights of its holder for the assets planned to be established from Sukuk proceeds, where it is prohibited by law for Sukuk holder to seizure, pledge or sell public assets , and the only right of Sukuk holder is the usufruct of such assets. He added that one of the important factors of foreign participation in offering Sukuk is the  decreasing domestic saving rates, which didn't exceed 17% throughout the period from 1993 until now, whereas in order to achieve an economic growth rate more than 7%, requires increasing  this rate to reach 30% at least and this financial gap had to be narrowed by foreign investments. That was confirmed by Egypt's domestic product growth rates, as it did not exceed the ratio of 6% only when foreign investments have been increased to reach about  $13 billion in 2006/2007. He said that General Budget status quo doesn't permit to finance the expansion of Public Services, e.g.; Education, Public Health, and Infrastructure Construction, Roads, Electricity, Water, and Sewage Plants as per community needs, especially in deprived social marginalized areas, using  Suksuk mechanism and PPP projects. He said that Sukuk mechanism is a financial mechanism known in the Islamic and Western world as well, e.g.,  France is working nowadays on passing a law to organize offering Sukuk in its financial markets. Also, financial markets in London acquires 11% of total Sukuk issuances all over the world, as well as there are Sukuk in Germany as one of German States issued lease Sukuk amounted to $ 100 million in 2005.    As for the possibility of  small savers participation in Suluk issuance, Dr. Al Naggar demonstrated that small savers have the right to participate in Sukuk offerings, pointing that Malaysia, as the largest market for Sukuk,  allocates a specific percentage of some  Sukuk offerings for small investors, and it guarantees such investors capitals. Regarding  the Egyptian Law , Dr. Al Naggar said that the government is keen on having advantages to attract small savers to participate in Sukuk underwritings, including tax exemptions on Sukuk proceeds, and  registering  Sukuk in Stock markets, which had been stipulated in the Law), to allow small savers automatically to trade such Sukuk, when they need liquefying its value ,noting that the executive regulation will clarify the mechanisms of small savers participation in the next Sukuk offerings.