Egypt may issue an Islamic bond or alternatively certificates of deposit in foreign currency for Egyptians abroad, the finance minister said. âWe are studying issuing sukuk,â or Islamic bonds, Mumtaz el-Saeed said by telephone in Cairo. âWe are comparing the benefits of issuing certificates of deposit with those of sukuk for Egyptians abroad,â adding that his preference is for the certificates. The government hopes to issue one or the other during the current fiscal year ending June 30, he said. Egypt is struggling to recover from a year of unrest in the wake of the uprising that ousted President Hosni Mubarak last February. The economy grew 1.8 percent in the last fiscal year, the slowest pace in at least a decade, as income from tourism and foreign investment dried up. Tourist arrivals fell 33 percent in 2011, while international reserves are at the lowest level since March 2005.
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