| [Bloomberg] Egypt’s Freedom and Justice Party, set up by the Muslim Brotherhood to run in this year’s parliamentary election, is proposing the government sell sukuk to help plug the country’s deficit. “There’s a high percentage of the Egyptian people that has reservations about charging interest,” a member said. “Having this tool for financing will encourage these people to invest their money,” he added. Egypt’s last four treasury-bill sales failed to raise the full amount sought by the government as investors demanded higher yields, following a popular revolt that ousted the president. The political turmoil forced the Cairo-based Egyptian Financial Supervisory Authority to postpone issuing guidelines for the sale of sukuk to May from the first quarter. |
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