Nour party thanks Morsi for referring Sukuk draft law to al-Azhar

Head of the Nour Party's parliamentary bloc Abdullah Badran extended thanks to President Mohamed Morsi for referring the draft law on Islamic bonds Sukuk to Al-Azhar's Senior Scholars Authority. Speaking at a press conference on Monday, Badran urged all the parties in the Shura Council to abide by the constitution, a thing which will achieve more stability. "Our reason for not rushing to the issuance of the law is that the current government is not elected and does not reflect the upcoming parliament," he said, voicing hope that the bill would be a tool to rescue the battered economy. The bill was approved by the Shura Council against the wishes of the Al-Azhar's Senior Scholars Authority, which wanted a chance to weigh in on the draft. Sukuk are essentially Islamic bonds in which the creditors buy shares in an investment or project, meaning that the holder of a Sukuk bond is technically a partner in the enterprise and not a creditor.