El-Sadat:I warn the Ministry of Finance of Issuing the Sukuk in the Absence of the Parliament

There were recurrent news and reports in the last few days about the Sukuk that the Ministry of Finance will issue to finance the governmental organizations needs, in the shade of the continued budget deficit.We remind everyone here that the Sukuk law was issued under pressures from the Muslim brotherhood during the time of their control over government. This law aroused many fears of the possibility of misusing this financial tool to sell the state assets for very low prices in case there is any default, and this would be done with the cover of Islamic sharia.

We wonder here whether bills, bonds, or certificates like the Suez Canal certificate are against the Islamic sharia? Were the millions of people who stood in long queues before banks to invest in the Suez Canal certificates would gain ill-gotten money? Those people bought certificates amounting to EGP 64 billion in less than a week. So, why we need to issue financing instruments that could be misused with the plea of Islamic sharia?

The Sukuk problem is that they give temporary access to the asset ownership until the Sukuk due date and its full pay back, and if the payback is not done, there will nothing to prevent the asset to be owned permanently by the Sukuk owner.We have to know how one can make use of the law's loopholes to penetrate to governmental assets of huge values for less prices. We warn the government and the Minister of Finance to go forward in issuing these Sukuks before the parliament formation, which will review every issuing process carefully to protect the people's rights and wealth, and we hold the government responsible for compromising the state assets that Egyptian people accumulated by their sweat and strife.


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