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27 August 2015

Egyptian theologists’ split over Suez Canal investment

Egyptian theologists’ split over Suez Canal investment

Egyptian ministry of religious affairs has published the scholars’ legal opinion (fatwa) to contribute and invite private entrepreneurs’ investments into development of the Suez Canal and its surrounding area.

As reported by NEWSru.co.il, the authors of this initiative state that investing in this project in order to earn some profit has nothing to do with usury.

According to the Egyptian theologists, in this case, investors would contribute to the public welfare. It is stated that such kind of investment is identical to charity investments or bargains profitable for both parties.

Egyptian theologists’ split over Suez Canal investment

It is worth pointing out that not all of the religious scholars agree with the ministry’s conclusion. Therefore, the theologists from the Egyptian ministry were quick to say that not all of the religious activists work in accordance with Quran and Sunna. The project authors believe that the fatwas introduced only by the ministry of religious affairs and Al-Azhar university scholars should be dutifully followed.

Once the construction of the new Suez Canal stream bed has started, some Egyptian theologists said that it would be unacceptable to invest in this construction project. They consider that such money injections aim at making profits by means of interests which is usury at its core.