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Egypt Sukuk Draft Law Released

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Egypt Sukuk Draft Law Released AILY EWS TUESDAY, JANUARY 8, 2013D N ISSUE NO. 2107 NEWSTAND PRICE LE 4.00 EGYPT www.thedailynewsegypt.com Egypt’s Only Daily Independent Newspaper In English MEMORIAL FOR SAYED BILAL RAFAH CHURCH AN UNLIKELY TARGET GOT BLOOD? Protesters mark the second Army seizes car in Rafah transporting Law3andakDam is the name of anniversary of Sayed Bilal, who died explosives and claims church was an unorthodox blood matching while in police custody target of bomb plot campaign for donors and recipients 2 3 8 ElBaradei decision causes Sukuk draft law released internal rift in Al-Dostour PROPOSED LEGISLATION INTENDED TO ORGANISE THE FINANCING OF THE Over 120 Al-Dostour Party members announce sit-in at GOVERNMENT, STATE BUDGET, NATIONAL PROJECTS AND PUBLIC INSTITUTIONS party headquarters By Mohamed SalahEldin By Ahmed Aboul Enein The Nobel laureate also an- The final draft of a sukuk law has been nounced he would form a new sent to the finance ministry before it Members of Al-Dostour Party have steering committee that would will be examined by parliament ac- started a sit-in at the party’s main produce periodic reports on the cording to the head of the Egyptian Fi- headquarters to protest party leader state of the party and tasked the nancial Supervisory Authority (EFSA) Mohamed ElBaradei’s recent deci- secretary general and organisation Ashraf ElSharkawy. sions to appoint new members to secretary with rectifying the party’s ElSharkawy said social dialogue with influential committees and his refusal procedural shortcomings, issuing political parties and economic associa- to dismiss others. them a 15 January deadline. tions was the perogative of the govern- Over 120 members started their The decision upset the dissenting ment and not the EFSA, which is an inde- protest on Sunday after not all their youth members who had demanded pendent entity and can be approached demands were met by ElBaradei’s re- the removal of the secretary general by political entities but not vice versa, cent statements, said party member and organisation secretary only to state-owned MENA reported Monday. Mostafa Yahia El-Safty. find them tasked with fixing problems The head of the EFSA explained A group of party members met the members said the secretaries had that the sovereign sukuk law released with ElBaradei on 27 December created. by the government was intended to 2012 and demanded the dismissal of The formation of a new steering organise the financing of the govern- Sorbeck Winter the secretary general and the head of committee also went against their ment, state budget, national projects The submitted sukuk laws cover sovereign and corporate financial instruments the organisation secretary as well as demand to dissolve the committee and public institutions. the dissolution of the steering com- rather than replacing its members The corporate sukuk law was put Any amendments to the draft law The Egyptian Association for Fi- opposed a law drafted by the Ministry mittee. since the party already had a chair- forward by the Financial Supervisory that was also sent to the Central Bank, nancing and Investment Studies has of Finance on sovereign sukuk com- They also demanded the system- man, deputy chairman, secretary Authority and assigned by the govern- the stock market authority, Misr for presented a number of proposals pliant with Islamic Shari’a because it atic restructuring of the party due general and organisation secretary ment. Its main purpose is to organise Central Clearing and a number of fi- pertaining to the sovereign sukuk was deemed harmful to the economy to what they say was poor internal and thus had no need for a steering the financing of firms and private insti- nancial associations in the stock ex- law that was drafted by the gov- and the country’s national security. It organisation over the past for month. committee. tutions, said ElSharkawy, noting that it change should be addressed to the ernment but opposed by Al-Azhar was also considered detrimental to Al-Dostour has been without an of- ElBaradei released another state- is up to parliament to merge the two government, continued ElSharkawy. and Islamic parties. The suggested the rights of future generations as it ficial website, bank account, mem- ment on Sunday appointing nine proposed laws. The project law called “sukuk law changes were intended as a com- would allow the ownership of sukuk bership cards for founding members members as a new steering commit- He said current stock market law compliant with Islamic Shari’a” de- promise over the objections raised by foreigners and would open the and has yet to open applications for tee and formed parliamentary elec- regulations allows the trading of sov- fines sukuk as nominal financial instru- over some articles that define the door for the manipulation of fixed new members since its inception four tions preparation committee, which ereign and corporate sukuk as or- ments of equal values representing a percentage of foreign ownership in assets without real regulation. months ago. was also rejected by the dissidents dinary financial instruments. If their common share in the property of as- national projects. The matter was referred to the se- Finally, they demanded the forma- who demand such positions be de- trading required any modifications to sets, services or projects as outlined The jurisprudential studies com- nior scholars body that will convene tion a political bureau to form the cided through elections and not di- the registry rules, he would do so, he by the public offering bulletin, in com- mittee in the Islamic studies congre- before the end of the week to give a party’s positions on current events rect appointment. added. pliance with Islamic Shari’a rulings. gation affiliated to Al-Azhar has twice final opinion. and political matters. “We insist on having our de- ElBaradei had promised the dis- mands met because the problem is senting youth that he would fulfil their not about individuals but principles. demands and expressed his agree- We will enter an open-ended sit-in Night-watchman tortured in Assiut ment at their blaming of the general at the party headquarters which is and organisation secretariats for the an example of democracy since we By Rana Muhammad Taha detained since Friday. EGP 120,000 hamed Hamed and “secret informer” tained employee, Mahmoud Abdel recent inefficiency, they claimed in a are not afraid to go against anyone was stolen from the safe. Salama Ibrahim Mohamed of brutality. Aleem, faced similar treatment. statement. even the party leader. These are ex- The family of night-watchman Hef- Ahmed’s lawyer Ahmed Badawy The Arab Penal Reform Organisa- The prosecution began formally He asked them to choose rep- actly the principles of Dr ElBara- nawy Ahmed has gathered outside said: “The safe is a metal one; only the tion coordinated with Ahmed’s moth- investigating Ahmed on Monday, four resentatives and meet with deputy dei who always says that the youth the Dayrout police station where he deputy sheriff has the key.” er in filing a report to the prosecutor days after his detention. He is officially party chairman Ahmed El-Borai on 30 should be the leaders and that they worked for the fourth day in a row, Badawy stated that the safe is in per- general and the minister of interior. accused of stealing from the safe. December to discuss their demands should be independent,” said the calling for his release. fect condition following the theft, imply- The report accused the three men of Badawy stated the prosecutor had in detail, but El-Borai later refused to statement. Ahmed went missing on Friday, ing that the deputy sheriff is a suspect. assaulting, torturing and unjustly de- repeatedly stalled the investigation. meet them, their statement said. El-Safty says they will not aban- when he left for work and didn’t Ahmed’s family visited him on taining Ahmed. Article 35 of the newly passed ElBaradei then released a state- don their sit in until all their de- return. His colleagues at the police Sunday. He told his cousin Mahmoud Badawy said: “He was suspended by constitution necessitates that the de- ment Saturday to all party members mands are met. Party member station informed his family Saturday Shafiq he was insulted, beaten up and the feet and electrocuted. I don’t care if he tained is informed of the charges he acknowledging that their disappoint- Ahmed El-Hawary however says night that he was accused, alongside tortured, without any official charges stole the money; he shouldn’t be treated is facing within 12 hours of his deten- ment was legitimate and announcing the internal dispute in the party is another employee, of stealing from brought against him. He accused police like that regardless of the reasons.” tion, and that he should be transferred a party general conference during over procedural matters and that the police station’s safe and has been officers Alaa Abdel Rahman and Mo- Badawy added that the other de- to investigation within 24 hours. which internal elections for all posi- there will be more decisions by El- tions would take place following the Baradei in the coming days that will upcoming parliamentary elections. put everyone at ease. Journalist sentenced to prison for assaulting police officer By Nouran El-Behairy He added that the journalists were almost 40 metres away from the lawyers. Copts dream of a secure The Cairo Criminal court has sen- “We tried to approach them for tenced a journalist to a year in comment but the police officers forcibly Egypt at Christmas prison for assaulting a police offi- stopped us, assaulted and even ripped cer during former president Hosni the clothes of some journalists,” he said.
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