Returning to Morsi’s economic solutions and Islamic instruments… An affirmation of the patriotism and competence of the martyred president

After smear campaigns by the military of the coup and its media arms on the democratic experience in Egypt during the era of the martyr President Mohamed Morsi, and distortion of Islamic instruments to finance development projects, to get away from the influence and dictates of Western funding lobbies, whether the World Bank or the International Monetary Fund.

Years ago, they described it as mere superstition and attempts to Islamize the state, and to sell Egypt to the Qataris and Turks.

With the ability of a capable regime, Sisi will return after his military coup against President Morsi, to resort to it after the faltering of the Egyptian economy, the accumulation of debts and the exacerbation of its benefits on Egypt, following Sisi’s unruly policies and Finnish projects that have nothing to do with development, so they do not create real job opportunities and do not push the economy out of its stagnation. Rather, it is for the well-being of the wealthy and billionaires, whom Sisi embraces and embraces, in the administrative capital, the new Alamein or the Galala plateau.

On Tuesday, the coup Prime Minister, Mostafa Madbouly, held a meeting to follow up on the procedures for issuing the first sovereign sukuk offering and “the benefits of financing through this mechanism”, in the presence of Mohamed Maait, Minister of Finance, Ahmed Kajouk, Deputy Minister for Financial Policies, and Mohamed Hegazy, head of the Public Debt Unit.

Madbouly considered that “Islamic sovereign sukuks are one of the most important financing tools, as they are new alternatives to provide the necessary funding for investment and development projects included in the economic plan of the state’s general budget.

Islamic banking industry

During the meeting, the Minister of Finance reviewed the “development of Islamic banking activity”, explaining that the size of the Islamic banking industry worldwide during the year 2020 amounted to about 2.7 trillion dollars, and it is expected that the size of this industry will reach about 3.2 trillion dollars by the end of 2022.

The minister added that “the volume of Islamic banking work in Egypt amounted to about 347 billion pounds (22.1 billion dollars) at the end of June 2020, and it is expected that the size of this industry in Egypt would exceed 500 billion pounds (31.3 billion dollars) by the end of June 2022.”

Maait added that “the value of deposits in Islamic transactions on June 30, 2021 amounted to about 321.7 billion pounds, an increase of 31.1 billion pounds compared to their value on June 30, 2020, with a growth rate of 10.7%, and deposits in Islamic transactions represent 7% of the total volume of bank deposits in the market.” Egyptian”.

He pointed out that “the volume of financing compliant with the provisions of Islamic law amounted to about 296 billion pounds at the end of the last fiscal year, an increase of 25 billion pounds compared to its value on June 30, 2020, with a growth rate of 9%, which represents 5.4% of the size of the Egyptian banking market.” “.

countercurrent

Contrary to what was said in the time of President Morsi, the minister stressed the importance of issuing sovereign sukuk that were previously called Islamic, and said that they are “characterized by attracting a new segment of Arab and foreign investors, especially from the Middle East, North Africa and Asia, who prefer financial transactions in accordance with the principles of Islamic Sharia, This affects the increase in foreign cash flows of its local and international issuances.

Sukuk returns

He explained that “Sukuk issuances are also characterized by low returns compared to the returns on debt instruments with time periods “bills – bonds” due to the diversity of investor segments, given the attractiveness of sukuk issuances for all types of investors.”

Maait went on to say that sovereign sukuk issuances do not affect the state’s public debt, especially the debt of the general budget organs, as they are financing tools and not debt instruments. The proceeds of sovereign sukuk issuances are allocated to investment and development projects included in the economic and social development plan in the state’s general budget.

It is worth noting, according to economic estimates, that Egypt aims to borrow $500 million through Islamic sovereign sukuk.

It is noteworthy that the sovereign Islamic instruments that the government is promoting now are the same “Islamic instruments” that were issued by a law of the People’s Assembly during the rule of President Mohamed Morsi in 2013, and which were attacked by the first prime minister in the post-coup regime of June 30, 2013, Dr. Hazem El-Beblawi.

In December 2012, Al-Beblawy wrote an article in Al-Ahram newspaper entitled “On the Islamic Economy,” in which he said, “There is nothing in Islamic history that allows providing historical precedents for dealing with financial markets or monetary policies. These are all modern phenomena that were known only during the contemporary period.”

He continued, “Just as it is absurd for the pilot to try to search for Islamic precedents in piloting aircraft, it is no less vain for a politician to try to find solutions to the problems of the financial or monetary political markets in the books of jurisprudence.”

Morsi believed and lied Al-Beblawy and those who motivate him from among the Sisi soldiers, who plunged Egypt into a debt quagmire of more than 200 billion dollars in debts and interests abroad, and more than 4 trillion Egyptian pounds in internal debt, which brought Egypt to the point of bankruptcy, and the flight of direct investments from Egypt in the absence of honorable competition and transparency after the military’s incursion on the Egyptian economy.

It is worth noting that many of President Morsi’s experiences and his economic, social and political theses, after a series of offensive campaigns against them by Sisi and the planners of the military coup, and the braying of many media mules on them, Sisi returned to them after the coup, whether it was in the bread system that President Morsi and his Minister of Supply worked in the name of The return and economic development projects in the countryside or agriculture, while Sisi stubbornly went against the paths of President Morsi on some issues, exacerbating crises and problems for Egypt and the Egyptians.

Emphasis remains on the integrity of President Morsi, his knowledge and his knowledgeable management of Egypt’s affairs, which is confirmed by the idea of ​​Islamic instruments, which reveals the truth of President Morsi’s honest and patriotic rule and deepens the betrayal of Sisi and his coup by the military.


Source: بوابة الحرية والعدالة by fj-p.com.

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