Egypt’s Finance Minister Mohamed Ma’eit said Sunday that the successful sovereign Sukuk that were first issued by Egypt reflect a strong message of confidence from capital markets and investors in the Egyptian economy, its future and ability to flexibly handle challenges.
Ma’eit’s remarks were made during a speech read out by his advisor Mohamed Hegazi in the first regional conference of the AlBaraka Forum for Islamic Economy Sunday.
The conference, which kicked off today, tackles the important role played by the Sukuk in achieving sustainable development with focus on international experiments.
It is organized by the Arab Administrative Development Organization (ARADO) and the Egyptian Islamic Finance Association (EIFA).
The Sukuk are gaining increasing importance globally for many reasons, atop of which the expansion of markets dealing with this financial tool worldwide and the high turnout for it, according to Ma’eit.
The volume of Sukuk transactions has exceeded two trillion dollars, based on the lowest international estimates, he noted in his speech.
The Finance Minister’s remarks also highlighted a steady increase in the amounts of Sukuk, which are over 30 percent annually.
The global circumstances have brought the Islamic Sukuk to the front burner as an effective financial alternative in the emerging markets and developing countries, according to Ma’eit.
The Sukuk have emerged as an alternative tool to finance sustainable development projects and to meet financial needs of developing countries in light of the turbulence in the global financial market, the minister said in his speech.