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Egypt Today
3 days ago
- Business
- Egypt Today
Egypt issues $1B sovereign sukuk to strengthen financing strategy
CAIRO - 25 June 2025: The Egyptian government has successfully launched its second sovereign sukuk, compliant with Islamic Sharia principles, with a total value of $1 billion. This sukuk was offered as a private placement for the 2024–2025 fiscal year, as stated by the Ministry of Finance. The issuance features an annual coupon rate of 7.875 percent and a maturity of three years. It aligns with Egypt's strategy to diversify its financing sources across various markets, instruments, and investor groups. The Ministry further explained that Kuwait Finance House (KFH) fully subscribed to this private placement, indicating strong investor confidence. This second sukuk issuance underscores the Ministry of Finance's capability to meet its financial targets despite the ongoing challenges in the global economy and geopolitical landscape. It also highlights the government's success in expanding its financing tools and sources, tapping into different currencies, markets, and investor bases while securing favorable terms. This issuance follows Egypt's first sovereign sukuk, launched in February 2023, under the international sovereign sukuk program, which has a total value of $5 billion. Moreover, the sukuk supports the Ministry's broader goals, such as diversifying debt instruments, entering new markets, reaching new investor segments, extending the debt maturity profile, and lowering the cost of external debt—ultimately reducing the overall financing cost. The Ministry also reiterated its commitment to reducing the external debt for the state's general budget entities by $1–2 billion during this year, with preliminary indicators showing strong progress in achieving these objectives.
Egypt Today
3 days ago
- Business
- Egypt Today
Egypt Issues $1 Billion Sovereign Sukuk to Strengthen Financing Strategy
The Egyptian government has successfully launched its second sovereign sukuk, compliant with Islamic Sharia principles, with a total value of $1 billion. This sukuk was offered as a private placement for the 2024–2025 fiscal year, as stated by the Ministry of Finance. The issuance features an annual coupon rate of 7.875 percent and a maturity of three years. It aligns with Egypt's strategy to diversify its financing sources across various markets, instruments, and investor groups. The Ministry further explained that Kuwait Finance House (KFH) fully subscribed to this private placement, indicating strong investor confidence. This second sukuk issuance underscores the Ministry of Finance's capability to meet its financial targets despite the ongoing challenges in the global economy and geopolitical landscape. It also highlights the government's success in expanding its financing tools and sources, tapping into different currencies, markets, and investor bases while securing favorable terms. This issuance follows Egypt's first sovereign sukuk, launched in February 2023, under the international sovereign sukuk program, which has a total value of $5 billion. Moreover, the sukuk supports the Ministry's broader goals, such as diversifying debt instruments, entering new markets, reaching new investor segments, extending the debt maturity profile, and lowering the cost of external debt—ultimately reducing the overall financing cost. The Ministry also reiterated its commitment to reducing the external debt for the state's general budget entities by $1–2 billion during this year, with preliminary indicators showing strong progress in achieving these objectives.
Middle East
04-06-2025
- Business
- Middle East
IDSC sheds lights on 8 most frequently asked questions about 'halal' certification for dairy, meat imports
CAIRO, June 4 (MENA) - The Cabinet's Information and Decision Support Center (IDSC) shed light Wednesday on most eight frequently asked questions about the government's decisions related to the "halal" certification through an infographic published on its official social media platforms. The infographic addressed the Cabinet's decision to cancel "halal" certification requirements for dairy imports, a move that generated a lot of discussions about the nature of the certification and its impact on Egypt's dairy imports, as well as its implications on imported meat and poultry. The infographic brought about the eight most frequently asked questions about "halal" certification for imported dairy and meat products. It said a "halal" certification is a process carried out by a credible and accredited conformity assessment body certifying that a company's products or services meet "halal" standards and requirements. The certificate's importance lies in assuring Muslims that the products they consume comply with Islamic Sharia law, thereby enhancing consumer trust and preventing confusion as to products' religious permissibility. The infographic said halal certifications are granted only to companies that meet required standards, and these companies are permitted to put on the "halal" label on their products. The certification applies to sectors related to food industries, cosmetics, and personal care products. Egypt's decision to cancel "halal" certification for dairy products stems from the concrete fact that milk comes from live animals. Hence, the idea of mixing halal dairy with non-halal dairy is considered illogical. International monitoring has shown that halal certifications are not required for dairy in Muslim countries and are mainly applied to meat and poultry. Egypt imports various dairy products, including powdered milk and cheese, all from well-known sources, the infographic further noted. These products undergo inspections to ensure they meet standard specifications and verify the type of milk giving animals that produce milk for human consumption. Regarding meat, the infographic clarified that Egypt imports around 50% of its meat needs from world countries. No meat shipment enters the country without being thoroughly reviewed by a specialized committee to ensure that the slaughtering process complies with Islamic (halal) methods of slaughter and that the shipment is fully prepared to enter the Egyptian market in accordance with Islamic Law (Sharia). (MENA) R R N/S A S
News18
29-05-2025
- Politics
- News18
Anti-Terror Outreach: India Seeks Saudi Support To Put Pakistan On FATF Grey List
Last Updated: The Indian delegation emphasised the purpose of their visit - to inform the world that Pakistan is a terror state and to explain the necessity of Operation Sindoor. In its ongoing effort to expose Pakistan as a terror-supporting nation, the Indian government had succeeded in placing Pakistan on the (Financial Action Task Force (FATF) grey list in 2019, following a terrorist attack on the Indian soil. In retaliation, India had also conducted the Balakot airstrike on terror camps in Pakistan. At that time, Saudi Arabia, a key member of the OIC, strongly supported India's demand. Five years later, an Indian delegation visiting Saudi Arabia has once again requested the country to support as India seeks to have Pakistan grey-listed by the FATF. The visiting delegation, led by BJP MP Baijayant Panda, met with Adel bin Ahmed Al-Jubeir, Minister of State for Foreign Affairs and Cabinet Member of the Kingdom of Saudi Arabia, on Wednesday, among other meetings. The Indian delegation emphasised the purpose of their visit – to inform the world that Pakistan is a terror state and to explain the necessity of Operation Sindoor. During discussions with the Saudi External Affairs Minister, the Indian delegation highlighted the ongoing cooperation between India and Saudi Arabia, not only in trade and economy but also in counter-terrorism efforts. They pointed out that this cooperation was emphasised in the recent joint statement during the Saudi delegation's visit to India in April this year. Both countries had agreed to work together to expose terror financing. Therefore, placing Pakistan on the grey list would be a significant step in this direction. The Indian delegation also pointed out that Pakistan is using various means to finance terrorism while its economy is in dire straits. Pakistan is not only smuggling terrorism into Indian borders but also sending drugs and weapons through illegal routes, particularly using drones to infiltrate India, the delegation told Saudi Arabia. Two crucial points were raised by the Indian delegation members. They reiterated the commitment of the Council of Senior Ulema, Saudi Arabia's highest religious authority, which has issued a significant fatwa condemning terrorism. This fatwa declares that both carrying out terrorist acts and financing them are violations of Islamic law. It defines terrorism as a crime aimed at destabilising security through attacks on individuals or property, whether public or private. Examples include bombings of homes, schools, hospitals, factories, bridges, and airplanes (including hijackings), as well as attacks on oil facilities and pipelines. The Council emphasised that financing terrorism is an act of complicity, as it enables and perpetuates such violence. The fatwa states, 'The Council rules that funding terrorism, initiating or assisting in terrorist acts of any nature or scale, is prohibited under Islamic Sharia and is a punishable offense." This aligns with India's stance, underscoring that no religion would condone such violence against innocent civilians. One delegation member reminded the Saudi government of their commitment to fighting terrorism when they handed over Abu Jundal, a key mastermind of the 2008 Mumbai attacks, to India. They also reminded the Saudi government that this is the same Pakistan that falsely declared terrorist Sajid Mir dead, only to bring him back to life later. When the Saudi establishment suggested that India should talk with Pakistan, it was clearly stated that India would not engage in dialogue with Pakistan unless they came clean on terrorism. It was noted that every time India brought up terrorism with Pakistan, there was only denial from the other side. Despite providing ample proof to Pakistan on multiple occasions, including on global platforms, Pakistan has not budged. The Indian delegation also refuted Pakistan's claims that India was creating disturbances in Balochistan, labeling these allegations as baseless. Additionally, the delegation mentioned the IMCTC (International Islamic Military Counter-Terrorism Coalition), headquartered in Riyadh with over 43 member countries, including Pakistan. They suggested that Pakistan should be asked to come clean on terrorism. Baijayant Panda, leading the delegation, shared on X, 'India and Saudi Arabia stand united in our shared commitment to combat terrorism and strengthen bilateral ties. Along with our all-party delegation colleagues, we had a constructive discussion with His Excellency Adel Al-Jubeir, appreciating Saudi Arabia's firm stand against terrorism and reaffirming India's unwavering zero-tolerance and new normal approach in the fight against terror." Rekha Sharma, BJP Rajya Sabha MP and another delegation member, also shared a post on social media about the visit to Riyadh. 'Reaffirming India's steadfast resolve to combat terrorism in all its forms, and to deepen India-Saudi strategic cooperation. Along with our all-party delegation colleagues, we had an engaging discussion with His Excellency Dr. Mushabab Al-Qahtani, Director General of Prince Saud Al Faisal Institute of Diplomatic Studies, reflecting on our shared goals and expanding bilateral ties." Earlier, the Indian embassy in Riyadh shared a post on social media stating, 'The All-Party delegation led by Jay Panda met H.E. Dr. Mushabab Al-Qahtani, DG, Prince Saud Al Faisal Institute of Diplomatic Studies & conveyed India's unwavering commitment to combat terrorism in all its forms. The delegation also discussed India-Saudi strategic ties." The all-party delegation includes BJP MPs Nishikant Dubey, Phangnon Konyak, Rekha Sharma, Satnam Singh Sandhu, AIMIM MP Asaduddin Owaisi, and former diplomat Harsh Shringla. This delegation, which left India on May 24, has already traveled to Bahrain and Kuwait under the diplomatic outreach for Operation Sindoor. After a couple more days in Riyadh, they will head to their final destination, Algeria, before returning to India on June 3. Watch India Pakistan Breaking News on CNN-News18. Get breaking news, in-depth analysis, and expert perspectives on everything from politics to crime and society. Stay informed with the latest India news only on News18. Download the News18 App to stay updated! tags : India-Saudi Arabia Relations operation Pahalgam attack Location : New Delhi, India, India First Published: May 29, 2025, 07:44 IST
Arab Times
25-05-2025
- Politics
- Arab Times
End of legal shield for kidnappers, infanticide in Kuwait's penal code
KUWAIT CITY, May 25: Decree- Law No. 70/2025 repealing Articles 159 and 182 of the Penal Code (Law No. 16 of 1960) was published in the Official Gazette (Kuwait Al-Youm) on Sunday. In the explanatory memorandum of the decree-law, the Ministry of Justice -- headed by Justice Minister Nasser Al-Sumait -- stated that the decision to repeal the abovementioned articles is based on the constitutional principles safeguarding motherhood and childhood, as well as the commitment of Kuwait to the international agreements on the protection of children's rights. The ministry pointed out that the provisions of Article 159, which grant a mitigating legal excuse to a mother who kills her newborn to avoid shame, are incompatible with the values enshrined in the Constitution and the international conventions. It clarified that Article 159 contradicts Articles 9 and 10 of the Constitution. Article Nine affirms that the family is the foundation of society, and it should be protected based on religion, morality, and love of the homeland; while Article 10 obligates the State to care for the young, protect them from exploitation, and shield them from all forms of neglect. It added that the right to life is the foundation upon which all other rights are built,t and this principle is strongly affirmed in the Islamic Sharia. It cited Surat At-Takwir (verses 8-9): 'And when the female infant is buried alive is asked, for what sin was she killed?' as well as Surat Al-Isra (verse 31): 'And do not kill your children for fear of poverty. We provide for you and them.' It also referenced Kuwait's international obligations, including the Convention on the Rights of the Child (1989), ratified under Law No. 104/1991, in which Article Six stipulates: 'States or parties recognize that every child has the inherent right to life ... and shall ensure to the maximum extent possible the survival and development of the child.' The Arab Charter on the Rights of the Child (1983), ratified by Law No. 36/1993, was also cited for its emphasis on maximum legal protection for children against violence and neglect. The ministry argued that continuing to apply Article 159 constitutes an unjustified legal exception, which contradicts constitutional principles and international obligations by effectively minimizing the gravity of crimes against the life of a child. On repealing Article 182, the ministry stressed that this is also based on constitutional principles, which guarantee justice, equality, and the protection of individual rights and freedoms. It pointed out that this article allows the kidnapper of a woman to evade punishment by marrying the victim with the consent of her guardian. According to the ministry, this provision contradicts Article 29 of the Constitution, which states that all people are equal in human dignity and before the law, without discrimination based on gender, origin, language, or religion. 'By permitting a perpetrator to escape accountability through marriage, Article 182 introduced unjustified legal discrimination and violated the victim's rights. It also perpetuated a culture of impunity and failed to meet Kuwait's obligations under international conventions on combating violence against women,' the ministry elaborated. It asserted that repealing this article is essential to align national legislation with constitutional values, international standards, and the principles of criminal justice. Following the issuance of the Amiri Decree on Oct 5, 2024, stipulating that laws shall be issued through decree-laws; Decree-Law No. 70/2025 was drafted. - Article One of the decree repeals Articles 159 and 182 of the Penal Code (Law No. 16/1960). - Article Two obligates the concerned ministers to implement the law, which takes effect from the date of its publication in the Official Gazette. For reference, the following are the repealed articles: Article 159: 'Any woman who intentionally kills her newborn immediately after birth to avoid shame shall be punished by imprisonment for a period not exceeding five years and a fine not exceeding 5,000 rupees or by one of these two penalties.' Article 182: 'If a kidnapper marries the woman he kidnapped in a legal marriage with the permission of her guardian, and the guardian requests that the kidnapper not be punished, he shall not be subjected to any punishment.'
