By Ahmed Farhat
(Photo from Centre for International Governance Innovation website)
Laws, legislative rules and regulations governing Islamic bonds will be implemented as planned, as part of government efforts to revive the economy, according to Finance Minister Ahmed Galal.
Galal said the subject has so far received more attention than necessary and he sought to address the issue in an appropriate manner.
He refused to say who would assume the role of Chairman of the Islamic Bonds Division within the ministry, after the sacking of previous chairman Ahmed Al-Nagar.
A source within the Ministry of Finance spoke of a conversation held recently with Ahmed Al-Gabali, Advisor to the Minister on Islamic Bonds, who spoke of his desire to apply for the position, saying that he would need to be made aware of the nature of the job before applying.
The source added that Al-Gabali had not yet received payment for his time served in the ministry during the previous Hesham Qandil administration, being forced to bear the costs of business trips to and from Canada, paid from his earnings as the owner of UM Financial Group for Islamic Finance.
Galal previously published a decision to dispose of a number of legal advisors and chairmen of financial units due to their affiliation with the Muslim Brotherhood, among them Ahmed Al-Nagar, previous Chairman of the Ministry of Finance’s Islamic Bonds Division.
