BREAKING NEWS

Egypt's Morsi sends Islamic bond law to clerics

By REUTERS

MARCH 31, 2013 23:14

CAIRO- Egyptian President Mohamed Morsi referred a law allowing the state to issue Islamic bonds to a panel of top Muslim scholars on Sunday, state television said, a step that could complicate the government's plans to pass the legislation.

The parliament led by the Muslim Brotherhood's Freedom and Justice Party approved the law earlier this month and referred it to Morsi, triggering a protest last week by Al-Azhar, the country's leading Islamic authority.

Al-Azhar said its top scholars should have been consulted, as stated in the new, Islamist-tinged constitution passed.

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