Muslim Brotherhood-dominated Egypt took one more step toward Islamization recently with the approval of a new law paving the way for the country to issue sukuk (Shariah-compliant bonds)…

Egyptian president Mohamed Morsi has approved a law allowing the country to issue Islamic bonds the government hopes will help revive its flagging finances, Reuters has reported. Regulations for using the law would be issued within three months, according to the official gazette. Lawmakers had approved the law in March, but Al-Azhar University objected, saying its top scholars should have been consulted on the law as stated in the new constitution. Al-Azhar said this month it had given its approval for the law on condition that certain articles be amended. It is not clear whether the law had been sent to Al-Azhar for approval again or not.



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