Mohamed Ashmawy, Chairman of the Board of Directors of United Bank that the volume of Islamic instruments in the world is witnessing a significant growth in terms of total releases about 85 billion dollars, an increase of 92%.
Ashmawi said during a seminar on the draft instruments organized by the Islamic Center of Islamic economics Bank that the size of sovereign versions of Islamic instruments amounted to about 59 billion U.S. dollars, including versions of companies about $ 19 billion and was the last version of the Saudi Civil Aviation Authority of Islamic instruments worth 15 billion Saudi riyals.
He added that Egypt overdue in issuing Islamic Sukuk explaining that the bill must have a list of executive describes the mechanism of calculating return on particular long term projects, and to know the mechanism of market makers, which should allow trading of free movement instruments and there could be a sovereign fund is that role In addition to a mechanism to follow up implementation and solve the problem of quality assurance involving state assets.
Ashmawi pointed out that there is a big confusion between ownership and funding, pointing out that is the process of financing instruments and there is no fear of foreign ownership of such instruments, as it would not violate Islamic law because there is a legitimate body of leading scientists are monitoring the process of Islamic instruments.
He called on banks to contribute to the awareness of Islamic instruments and the creation of specialized funds away from asset management, pointing out that there are many countries have achieved great success in the Islamic Sukuk issue.
Said Dr. Mohammed Nabil Ghanayem head of the Shariah Bank United Bank that the draft law presented by Islamic finance expert, Dr. Hussein Hamid Hassan and saw a lot of debate points Islamic parties and organizations and all the project is restricted to Islamic law.
He pointed out that if there is a fear of foreigners may Palace instruments the Egyptians only, or Egyptians and Arabs, explaining that all the process of issuing instruments will be subject to the legitimacy of high and because there is no violation of Islamic law, explaining that what is happening in the media is a controversial and demanding the truth.
He pointed out that there is great importance to the Islamic instruments at the moment and there will be no risk of the state assets.
Dr. Abbas added Shoman, vice president of the legitimacy that the current debate about the legal wording of the draft instruments and not the instruments themselves because no different instruments on Islamic legitimacy.